Hyperliquid Price News: Resistance Breakout Could Push HYPE to $100

Hyperliquid (HYPE) is retesting its all-time high today at $76 after rallying in the past 5 out of 6 trading sessions.

Trading volumes have exploded by 140% in the past 24 hours alone, rising to $2 billion and accounting for over 10% of the token’s circulating market cap.

As a result, HYPE has stretched from $68 to $76, as market participants continue to react to the end of the U.S. war with Iran.

The Fed’s New Chairman Prepares to Deliver His First Presser

Crypto liquidations are once again spiking, nearly hitting $300 million in the past 24 hours as sentiment improved right after the North American country announced that it struck a deal with its long-time adversary.

This week will be critical for the markets as it will be the first time that the new Chairman of the Federal Reserve, Kevin Warsh, will preside over the Federal Open Market Committee (FOMC) and deliver the corresponding presser regarding its decision on interest rates.

Data from FedWatch indicates that the market does not expect any changes to the federal funds rate during this meeting. However, participants will scrutinize Warsh’s comments concerning the Fed’s view of inflation, just a few days after the Consumer Price Index (CPI) registered a 12-month increase of 4.2%.

Any hints that the Fed will raise rates in the near term, as the market is expecting, will confirm investors’ concerns about the central bank’s hawkish stance and could put a lid on this latest peace-led rally.

In contrast, if Warsh confirms that no rate hike will occur this year, the stage should be set for a major breakout of key resistances and the beginning of a bull market, as we have a historical buy signal playing in favor of cryptos’ recovery.

HYPE ETF Sees Its Net Assets Rise Past $200M

The launch of three exchange-traded funds (ETFs) linked to HYPE is likely one of the strongest catalysts that justifies the token’s stellar performance this year.

This altcoin has managed to defy the crypto market’s overall downtrend, delivering a 194% year-to-date (YTD) gain and rising to a new all-time high.

Today’s session is technically relevant as HYPE is retesting this key resistance at $76. Hyperliquid’s U.S.-listed ETF brought in $18 million in net inflows just yesterday, reflecting investors’ bullish sentiment toward the token.

This ETF currently manages $209 million in assets and has received net inflows of $171 million since its launch, as per data from SoSoValue.

The launch of this ETF overshadowed that of the first BNB-linked ETF, even though HYPE has a much lower market capitalization.

HYPE Eyes Move to $100 as RSI Flashes “Buy” Signal

Heading to the charts, if HYPE breaks above $76, we expect that this rally will continue to $100 in the near term, meaning an upside potential of 32%.

Such a move would be catalyzed by a short squeeze primarily, as a significant volume of stop orders likely sits above this key resistance.

Moreover, the daily Relative Strength Index (RSI) just jumped to 65, indicating that bullish momentum is accelerating.

The price still has enough room to keep rising without triggering the “overbought” signal. Hence, the odds favor the continuation of today’s strong move toward this attractive target.