HYPE price break-and-retest points to a Hyperliquid token rebound

The Hyperliquid token price has pulled back in the past few days as investors take profits after the recent surge. The HYPE token retreated from a high of $39.92 last week to the current $32.5. It remains about 260% higher than its April low of $9.295. Let’s explore whether the HYPE price has more upside ahead. Hyperliquid growth continues The derivatives market is one of the best-performing areas in the crypto industry. For example, Binance handled over $10.2 billion in the last 24 hours in the spot market, and $49 billion in the derivatives market. Similarly, Bybit and Bitget handled over $18 billion in the derivatives market each, and $1.9 billion and $2.2 billion in the futures market. Traders love the derivatives market because of the soaring liquidity and the ability to use leverage, which helps them to optimize returns. While Hyperliquid has helped traders make a lot of money, history shows that some of them have lost a lot. A good example of this is John Wynn, a trader who lost over $1 billion last week. Hyperliquid has become the biggest decentralized exchange in the crypto industry, enabling users to trade perpetual futures. Data shows that Hyperliquid is handling more volume than other well-known crypto exchanges. It also has the biggest market share in the decentralized perpetual futures industry. Read more: Hyperliquid’s HYPE staking goes live on mainnet According to Dune , the network handled over $15 billion in the last 24 hours, much higher than many other exchanges. This growth has brought its cumulative volume to over $2.8 trillion. It has also executed over 77 billion trades since its inception. More data shows that the number of Hyperliquid users has continued growing as its popularity has surged. It now has over 600 users in its platform. These numbers are all much better than other perpetual futures platforms like Jupiter, APX Finance, and ApeX Protocol. This growth has made Hyperliquid one of the most profitable players in the crypto industry. It made over $70 million in fees in May, up from $43 million in the previous month and $39 million in March. HYPE price technical analysis Hyperliquid token chart | Source: TradingView The daily chart shows that the HYPE price has been in a strong surge in the past few weeks, moving from a low of $9.295 in April to almost $40 in May. It formed a cup-and-handle pattern whose upper side was at $28.40. A C&H is one of the most bullish patterns in technical analysis. The coin has constantly remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls are in control. HYPE price has pulled back in the past few days, moving from $39.9 to $32. This retreat is part of the formation of a break-and-retest pattern, which happens when an asset moves back to a key support level. Such a retest is usually a bullish sign. If this happens, it means that it will drop to $28.40 and then bounce back, potentially to $40, then $50. The post HYPE price break-and-retest points to a Hyperliquid token rebound appeared first on Invezz