After Soaring to a New ATH, Can Hyperliquid (HYPE) Reach $60 Soon?

• Hyperliquid has gained over 4%, reaching $57. 
• HYPE’s daily trading volume has surged by 47%.

The 1.73% spike in the crypto market has built a bullish hope across the tokens, whose prices are charted in green. The largest asset, Bitcoin (BTC), is hovering at $117.1K, while Ethereum (ETH), the largest altcoin, currently trades at around $4.5K. Among the altcoin pack, Hyperliquid (HYPE) has posted a jump of over 4.4%. 

HYPE has smashed through the key resistances on the chart and hit a new all-time high at $59.39. Notably, in the early hours, the asset traded at $54.49, the day’s lowest price. With the entry of bulls, the asset recovered from the bear hold and broke the key resistance levels between $54.54 and $59.34. 

At the time of writing, Hyperliquid traded within the $57.90 zone, with the market cap resting at $19.25 billion. Additionally, its daily trading volume has increased by over 47.98%, reaching $470.42 million. The Coinglass data reports that the market has observed a 24-hour liquidation of $3.26 million worth of HYPE. 

Hyperliquid’s Bullish Run: How High Can It Go?

Hyperliquid’s Moving Average Convergence Divergence line has crossed over the signal line. This implies bullish momentum, and the price may continue moving upward as the MACD stays above the signal line. The Chaikin Money Flow (CMF) indicator at 0.15 points out that buying pressure outweighs selling pressure. As it is a positive value, it shows moderate inflows of capital into the asset.

Moreover, the Bull Bear Power (BBP) reading of 3.84 indicates strong bullish dominance in the market. It applies upward pressure on the price; the higher the number, the stronger the trend. Hyperliquid’s daily Relative Strength Index (RSI), positioned at 64.57, suggests a solid positive outlook, bringing a healthy upward strength. Also, it might reach the overbought zone if the value goes up. 

HYPE’s active uptrend has the potential to trigger the price climb toward a crucial resistance at the $57.97 mark. If the bullish correction is strong enough to push the golden cross out, the price might rise and revisit its former high above the $58.05 range. 

Upon a reversal in momentum, Hyperliquid could see a plunge in price and immediately find the nearby support at around $57.83. Assuming the bears reinforce their downside correction, the death cross might emerge, sending the price below $57.76.