Hyperliquid (HYPE) is swimming against the current today, as the token has booked a 3% gain during the Asian session following news that Bloomberg listed its perpetual futures on its sophisticated trading terminal.
Michael McDonough, Head of Market Innovation for the Bloomberg Terminal, broke the news days ago, but top crypto news outlets seem to be picking it up today, prompting a strong move for the token.
Bloomberg’s coverage includes top perps that track the value of real-world assets (RWA) such as oil, gold, and silver, along with the most prominent stock indexes and a selected basket of cryptocurrencies.
This raises awareness regarding Hyperliquid and gives the platform another credibility boost at a point when the adoption of blockchain technology across the financial industry seems to be accelerating.
Open Interest (OI) on Hyperliquid Hits New All-Time High
In late September, we reported that comments from the head of the U.S. Commodity Futures Trading Commission (CFTC), Michael Selig, concerning Hyperliquid also mean a huge pad in the back for this project.
Selig stressed during a major conference hosted by the Treasury Department that “the next decade will likely bring more change to financial markets than the previous several decades combined.”
He mentioned 24/7 markets, tokenization, and on-chain finance as top trends driving increased adoption of projects like Hyperliquid. The latter is considered a pioneer in the TradFi space, as its perps trading platform runs on its own blockchain rather than relying on third-party infrastructure like Ethereum (ETH) or Solana (SOL).
Meanwhile, Hyperliquid reported this week that open interest (OI) within its platform reached a new all-time high of $18 billion. Increased awareness of its perps via the Bloomberg Terminal listing could further push this metric to higher levels.
OI is measured as the outstanding amount of both long and short positions in these instruments.
HYPE Needs to Stay Above $90 to Hit Our Latest Target
Turning to the 4-hour chart, we emphasized in our latest Hyperliquid price prediction that the token perfectly bounced off the 200-period exponential moving average (EMA) in this lower time frame, which favored a move toward $107 at least based on its historical performance.
That long position is currently in positive territory, and today’s announcement might be the catalyst that ends up pushing HYPE to our projected target in the near term.
The Relative Strength Index (RSI) just rose past the 60 mark, indicating that bullish momentum is accelerating.
HYPE needs to stay above $90 to keep rallying in the next few days, aided by growing OI and this latest project-specific catalyst, at a point when market participants believe that the Fed will delay its next rate hike to December.
