Hyperliquid Soars 20% After Binance U.S. Listing
Key Takeaways
- On June 2, Binance U.S announced the listing of the altcoin Hyperliquid (HYPE) for spot trading.
- The price surged nearly 20% within a few days – from $31 to $37.85.
- Since its April low, HYPE has gained approximately 300% in value.
- A pullback to $30 could present a new buying opportunity.
- However, technical indicators are already showing signs of overheating.
Binance U.S Sparks Momentum for HYPE
On June 2, Binance U.S announced that the altcoin Hyperliquid (HYPE) will soon be available for spot trading. This news triggered a strong price reaction. Within hours, the price rose by 7%, with a total weekly performance of nearly 20%.
Since Sunday, the price climbed from $31 to $37.85. Compared to the April low, this represents a price increase of around 300%. As a result, the previous all-time high of $42.20 is once again within reach.
Technical Analysis: Resistance and Potential Pullbacks
In December 2024, HYPE reached an all-time high of $42.20 on the KuCoin exchange. In May, the psychologically important $40 level was tested, but this led to a pullback to $30. The reason was an overheated RSI (Relative Strength Index), a technical indicator used to assess market overextensions.
Currently, the RSI is once again showing signs of overheating. The OBV (On Balance Volume), an indicator for trading volume, is also approaching a resistance level from February. If the OBV fails to rise further, another correction could occur.
A pullback to $30 or even to the 50-day EMA (Exponential Moving Average) around $27 is conceivable. The latter also aligns closely with the 50% Fibonacci retracement level – a technical zone often seen as a turning point.
$30 as a Potential Entry Point
The zone between $28 and $30 is particularly relevant according to data from CoinGlass. This area contains high liquidity, indicating many open long positions. Should a so-called liquidation hunt occur – the targeted triggering of stop-loss orders – the price could fall back into this zone.
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For traders, this could be a good opportunity to enter at a lower price. A renewed upward move could then target the $40 level again, offering a potential gain of 28% to 50%, depending on the entry point.
However, if HYPE falls below $30 and also drops below its moving averages, the bullish scenario would be invalidated.
Our Assessment
The listing of HYPE on Binance U.S has led to a significant price boost. Technically, however, the altcoin is currently in an overbought zone. A pullback to $30 or $27 is likely and could present an entry opportunity for risk-aware traders.
It’s important to keep an eye on technical indicators. A sustainable breakout above $40 is only realistic if volume continues to rise and the RSI cools down. Those already invested should monitor the $30 level as a critical support zone.
Sources
- TradingView (HYPE/USDT chart analysis)
- CoinGlass (Liquidation heatmap)
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