Hyperliqued (HYPE) is on the verge of a breakout and experiencing a surge in its price, in line with the entire crypto market. As bitcoin has started its upward momentum, which has impacted the overall market, including altcoins like HYPE. If a successful breakout occurs it will lead to a maximum target around $64 area.
At the time of writing HYPE is trading at $47.68 with a 24 hour trading volume of $204.37 million and a market cap of$15.92 billion.The HYPE price over the 24 hours is up by 2.74% and over the last week is up by 8.82% and showing a high potential for the next major rally.
Hyperliquid Bulls Target $62 If Breakout Holds
According to the crypto analyst Andrew Griffiths, HYPE is currently trading around the decisive level, with the market players closely observing the breakout signs. The token, in the last sessions, had been consolidating, and the $46 resistance is the key level, according to the analysts, that is likely going to dictate its further major move. Its weekly close over this level will be a sign of the regained bullish impulse, likely unblocking the way towards $54 and the $62 target levels.
This type of breakout can assist in reversing the investor sentiment, introducing new capital inflows, and push the HYPE towards a healthier recovery. It can also assist in the better sentiment in the altcoin market, where investors are constantly seeking coins that are able to offer upside and provide stability, following volatility in the past weeks.
Yet the bullish formation is contingent upon HYPE retaining the form at the key support. If the token falls below the $35 level, it will nullify the higher prediction, trigger additional selling pressure, and thwart the prospects of the rally. Such key levels being in the picture, the upcoming weekly close is likely set to offer key information about the short-term trend of HYPE.
