NewsBTC
18 hour ago
0 0

HYPE Rebounds 6% After $96.5M Liquidation Event Hits Hyperliquid

Hyperliquid Token Recovery

  • The native token of Hyperliquid, HYPE, has surged by 6% after a significant liquidation event.
  • A $96.5 million BTC-USD contract liquidation impacted the platform, part of a broader market downturn affecting over 164,000 traders and totaling $814 million in liquidations.
  • Despite this, HYPE rebounded above $41, maintaining support at $36.51.

Key Factors Supporting the Rebound

  • Increased whale activity and exchange outflows show strong accumulation during price dips.
  • Open interest (OI) rose from $1.52B to $1.71B, indicating new capital inflow.
  • The OI-weighted funding rate turned positive at 0.026%, signaling bullish sentiment.
  • HYPE is outperforming major cryptocurrencies like BTC, ETH, SOL, and BNB.

Technical Indicators and Future Targets

  • HYPE is consolidating within a symmetrical triangle pattern with rising support and descending resistance.
  • Momentum indicators like RSI and MACD suggest diminishing bearish pressure.
  • A breakout above $40–$41 could lead to targets between $48 and $54.

Overall, HYPE demonstrates resilience amidst broader market uncertainty, supported by increased whale accumulation and positive technical signals.