HYPE Coin Nears ATH After 300% Two-Month Surge
Key Takeaways
- HYPE is currently trading about 9% below its all-time high (ATH) of $37.60 USD.
- Over $23 million USD in short positions have been liquidated – a sign of strong bullish resistance.
- Although momentum is cooling, demand in the spot market remains steady.
- A potential new price surge could occur if the $35.50 USD level is breached.
What Happened with HYPE?
HYPE, an altcoin from the Hyperliquid ecosystem, reached a new all-time high in May. Within two months, the price rose from $9.28 to $37.60 USD – an increase of over 300%. Such movements typically attract short-sellers betting on a drop after the peak. But this time, they were caught off guard: over $23 million USD in short positions were liquidated as the price continued to climb.
The Market Reacts to Overheating Signals
Currently, HYPE is trading approximately 9.5% below its peak. Technical indicators like the Relative Strength Index (RSI) suggest an overbought condition. This raises expectations among some traders for a correction. At the same time, overall market volatility remains high, favouring tactical short positions.
Spot Buying Remains Stable – Despite Derivatives Pressure
Despite the recent pullback, demand in the spot market remains strong. Open Interest (OI) in the futures market has decreased by 3.36% to $1.21 billion USD. This indicates that traders are reducing their leveraged positions and de-risking. At the same time, sell orders in the futures market are being absorbed by spot market buying.
Key Price Level at $35.50 USD
A critical resistance level lies at $35.50 USD. If HYPE breaks through this range, according to CoinGlass, another $20 million USD in leveraged positions could be liquidated. This would further drive the price upward. However, this depends on continued demand in the spot market.
Our Assessment
HYPE remains resilient despite a short-term correction. The combination of steady spot demand and decreasing leverage points to a healthy consolidation. If the $35.50 USD level is breached, a new all-time high is realistic. However, you should keep an eye on high volatility and overbought technical indicators. Short-term pullbacks are possible, but the broader trend remains intact for now. Investors should watch for clear signals – both technical and on-chain.
Sources
- TradingView
- CoinGlass
| Wagering requirements | 35x bonus |
| 35x free spins winnings | |
| Minimum deposit | €20 |
| Maximum bet | €5 |
| Bonus validity | 30 days to claim |
| 14 days to wager / 7 days for free spins |
- There is no maximum bonus amount.
- 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
| Wagering requirements | 40x bonus |
| 40x free spins winnings | |
| Minimum deposit | 0.0005 BTC |
| Maximum bet | 0.00004 BTC |
| Bonus validity | 30 days after registration |
| 14 days (1st), 7 days (2nd), 1 day (3rd) |
- To get the bonus, enter the bonus code before the deposit.
- Minimum deposit: 0,07 BCH • 0,4 LTC • 233 DOG • 45 XRP • 0,01 ETH • 20 USDT • 69 ADA • 0,05 BNB • 184 TRX • 20 USDC.
- Maximum bet: 0.007 BCH • 0.0009 ETH • 0.04 LTC • 23 DOGE • 2 USDT • 4 XRP • 18 TRX • 7 ADA • 0.005 BNB • 2 USDC • 2 EUR • 2 USD.
- Free spins are provided in batches of 25 per day.
- Free spins are credited on the Gamebeat slots: Max Miner (1st), Book of Elixir (2nd) and Odin’s Tree (3rd).
| 1st deposit | 120% up to $500 + 100 Free Spins |
| 2nd deposit | 100% up to $300 + 100 Free Spins |
| 3rd deposit | 150% up to $500 + 100 Free Spins |
| 4th deposit | 100% up to $300 + 100 Free Spins |
| Wagering requirements | 45x deposit + bonus |
| 40x free spins winnings | |
| Minimum deposit | $10 (1st) |
| $15 (2nd-4th) | |
| Maximum bet | $5 per round |
| Bonus validity | 30 days to claim, 7 days (1st-4th) |
| 7 days for free spins |
- You must complete the registration and verification process, including a valid email or phone number, to qualify for this bonus.
- You must select the desired bonus during the deposit process.
- There is a maximum withdrawal limit of $10 from winnings derived from free spins.
Advertising transparency