Hyperliquid (HYPE) Hits Three-Month High

The crypto market is once again enlivened by the brilliant performance of Hyperliquid (HYPE), which has managed to record its highest price in the last three months.

The surge in trading activity and revenue of this platform has attracted the attention of global investors.

However, amid this euphoria, technical indicators are starting to signal a potential slowdown in momentum, raising the question: will HYPE be able to maintain its upward trend, or will it face a correction in the near future?

Market Strength and Revenue Surge

Based on the information we quoted from the Beincrypto media, Hyperliquid (HYPE) continues to strengthen its position in the crypto market by controlling 65% of the daily trading volume for perpetual contracts.

In the past week, this platform has earned fees of US$15.58 million, reflecting a significant surge in trading activity.

This performance has managed to push the price of HYPE to its highest peak in three months, attracting the attention of market players.

Technical Signals Show Momentum Starting to Weaken

However, behind this brilliant achievement, technical indicators are starting to signal a slowdown.

Directional Movement Index (DMI) recorded Average Directional Index (ADX) at 21.93, slightly down compared to previous days.

Although ADX above 20 still indicates a trend, this decline could be a sign of consolidation or even a price correction in the near future.

In addition, HYPE’s Relative Strength Index (RSI) also showed a decline, from 68.76 to 55.15 in a day, after previously rising from 45.82.

This decline in RSI indicates that the bullish impulse is starting to lose steam, triggering caution among investors.

Key Levels to Watch

Currently, HYPE’s price is perched around the support level of US$26.41. If it is able to break through the resistance of US$28.43, the opportunity to advance to US$30 is wide open.

Conversely, if the price fails to stay above support, there is a risk of falling to US$23.28 or even lower, which could test market confidence.

What’s Ahead?

Despite Hyperliquid’s impressive performance with increasing trading volume and revenue, investors are advised to remain cautious.

Technical signals indicating weakening momentum are important warnings. Closely monitoring support and resistance levels will be crucial to predicting the future direction of HYPE’s price movement.

With market dynamics constantly changing, timely decisions will determine profit opportunities amidst this uncertainty.