Hyperliquid (HYPE) is displaying a promising technical pattern despite its recent price stability. The market sentiment remains optimistic thanks to a confirmed bullish chart formation, while its inclusion in a significant crypto index fund boosts institutional visibility for the asset. Traders are now looking closely to see if sustained buying pressure can push the price higher.
Currently, HYPE is trading at $67.07, with a trading volume of $347.94 million over the past 24 hours and a market capitalization of $17.01 billion. Although the price has remained relatively stable, the underlying structure indicates a potential bullish reversal could be on the horizon.
According to crypto analyst Bitcoin Meraklisi, the recent price action suggests that HYPE has broken out from a cup-and-handle pattern after a period of accumulation. The price surged past the neckline at $57 59, successfully retesting that area, which now acts as a support level. This shift from resistance to support reinforces the bullish outlook and indicates that buyers are confident in maintaining higher price levels.
Following the breakout, HYPE's price climbed to approximately $74.60 before settling into a healthy consolidation phase around $69.25. This sideways movement is likely a result of profit-taking rather than any weakness in trend. Maintaining a price above $66 68 is crucial for keeping bullish momentum alive, and a further breakout above $74.60 could spark additional upward movement fueled by strong buying interest.
The long-term price target for HYPE is estimated at around $172, based on the cup-and-handle formation. For this upward trend to continue, it is essential for the price to hold above the neckline. A drop below the $57 59 range would negate the bullish setup, while sustained consolidation above those levels might lead to further gains.
Impact of Bitwise ETF Inclusion
Another significant development for HYPE is its inclusion in the Bitwise 10 Crypto Index ETF (BITW), recognized as one of the largest crypto index funds globally. This addition, which reflects HYPE making up 0.95% of BITW's holdings, marks a substantial achievement as Hyperliquid gains traction among leading cryptocurrencies.
The Bitwise ETF inclusion is likely to enhance the visibility of HYPE among institutional investors, solidifying its status as an official asset within a prominent index fund. Despite the optimistic outlook for HYPE and its inclusion in the ETF, the price is currently traversing a neutral path. However, the overall cryptocurrency market appears to be turning positive, influenced by Bitcoin's upward trend, which also impacts the performance of altcoins.
For further insights into the cryptocurrency market, you can check our article on Chainlink's resilience and Polkadot's recovery potential.
This material is for informational purposes only and does not constitute financial advice.
