Hyperliquid Price News: HYPE Recovers After Double Top and Eyes Retest of $75 Resistance

Hyperliquid (HYPE) has gone up by 7% in the past 24 hours alone as the token continues its strong bounce off the $60 threshold.

This crypto project shows a remarkable year-to-date (YTD) – one of the best in the crypto space – yielding a 175% return.

Its strong move into the stock and commodities perps segment via the launch of trade.xyz has helped propel the project’s open interest (OI) and volumes.

Through this platform, users can speculate with hot tech stocks like Alphabet (GOOG) and Apple (APPL) and top commodities like gold (XAUUSD) on-chain. All of this is powered by the Hyperliquid L1 and drives higher transaction volumes to its blockchain.

According to data from HyperScreener, HIP-3 open interest (OI), the protocol that handles RWAs, broke a 9-day streak of positive growth last month as this metric retreated from $3.09 billion to $2.97 billion.

However, its track record of growth is still quite impressive and we will keep monitoring if the uptrend resumes and OI climbs to higher ground in July as the markets recover.

Africa’s Biggest Crypto Exchange Chooses HYPE to Power Its Perps

Less than a day ago, Hyperliquid also announced that VALR, Africa’s largest crypto exchange for perps, will be using its L1 blockchain as the infrastructure to support its trading platform for this financial product. These perps will go live on July 6.

Moreover, Hyperliquid’s perps have now been added to TradingView’s widely popular charting interface. This will raise awareness of trade.xyz’s operations for traders all over the world and could drive an increase in user numbers over the following months.

Paired with the VALR’s announcement, we expect an increase in this blockchain’s activity down the road as these partnerships further solidify its credibility and reputation in the TradFi space.

This explains the market’s strong buying interest in HYPE lately, adoption is increasing and real-world use cases are becoming more and more evident.

The project’s conversations with key players in the traditional futures market like the CME Group are also encouraging and could help Hyperliquid drive higher volumes to its blockchain.

HYPE Recovers After Hitting $60 and Could Rise to $100 If This Happens

Heading to the daily chart, we can see that HYPE made a double top at $75 and immediately retreated to the $60 after the new head of the Federal Reserve delivered some hawkish remarks.

Macroeconomic conditions keep weighing on the performance of most crypto assets, but HYPE has proven to be resilient in this unfavorable scenario.

The Relative Strength Index (RSI) has managed to stay above 50, indicating that momentum continues to be on the side of bulls.

The $57 level is the key support to watch right now in case of a retreat, while the $75 target is the most likely zone that bulls will be aiming for in these next few days.

If the price breaks above this mark, a strong short squeeze could help push HYPE to what we see as its most likely mid-term target: $100.

This means a 43% upside potential as long as that breakout happens and makes HYPE one of the few promising tokens in the crypto space right now.