Hyperliquid (HYPE) Ignites a 22% Rally: Can Bulls Chase $30 as Volatility Creeps In?

• Hyperliquid rockets 22%, trading at $27.
• HYPE’s trading volume has exploded by 98%.

A 1.62% spike in the crypto market has brought in some modest bullish waves. Certain digital assets are charted in the green, with the tokens like Bitcoin (BTC) and Ethereum (ETH) attempting to reclaim the lost momentum. Aligning with the brief uptick, Hyperliquid (HYPE) has posted a 22.22% jump over the last 24 hours. 

The opening price of the asset today was at a low of $22.03. With the sturdy bullish encounter in the HYPE market, the price climbed to a high range of $27.21, after testing and breaking pivotal resistance between $22.13 and $27.11 to confirm the uptrend. Upon the bulls staying for a longer period, the price could see more gains. 

HYPE price (Source: CMC)

At the time of writing, Hyperliquid traded at around the $27.05 mark, with its market cap staying at $8.23 billion. Besides, the daily trading volume of the asset has exploded by over 98.11%, reaching the $426.59 million zone. As per Coinglass data, the market has witnessed a 24-hour liquidation of $5.40 million worth of HYPE.

With the recent bullish trading pattern, the Hyperliquid price could move up to the resistance at around $27.20. An extended, powerful upside pressure might trigger the golden cross and send the price higher. Assuming Hyperliquid opts for a bearish reversal, the price could slip and find the nearest support below $26.90. If the potential downside correction strengthens, the death cross unfolds, and pushes it to former lows. 

Hyperliquid’s Charts Flash Bullish as Momentum Builds

The technical analysis of Hyperliquid reports that the Moving Average Convergence Divergence (MACD) line is found above the signal line, indicating bullish momentum. The recent price action is gaining strength to the upside and is considered a potential buy signal.

HYPE chart (Source: TradingView)

In addition, the Chaikin Money Flow (CMF) indicator value at 0.15 suggests positive buying pressure in the HYPE market. Money is flowing into the asset more than out, supporting the bullish sentiment and showing accumulation, if it stays above zero for the short term.

Hyperliquid’s daily Relative Strength Index (RSI) resting at 77.19 implies its ongoing overbought conditions. With the strong bullish momentum, it also raises the risk of a short-term pullback or consolidation if the buyers start taking profits. Moreover, the Bull Bear Power (BBP) reading of 5.074 signals that the bulls are firmly in control. It is pushing the HYPE price above the average, and if combined with overbought signals, it may also hint at a possible short-term cooldown.

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