After a 12.17% decline in a week, the price of the Hyperliquoid (HYPE) digital currency has surged by 7% in the past 24 hours, reaching $24.86. Analysts believe this cryptocurrency has the potential for further short-term growth. Trading volume on decentralized exchanges (DEX) and Total Value Locked (TVL) in this network has significantly increased, indicating a healthy ecosystem development. Recent data from Artemis shows the volume has reached $268.4 million, a substantial rise from its recent low of $225.5 million. Additionally, the total value of locked assets in this network has increased from $2.221 billion on December 22 to $2.582 billion, creating suitable investment opportunities and reinforcing the likelihood of a continued uptrend. In the technical chart, a key support level can be seen in the uptrend structure of Hyperliquoid, aligned with the lower band of the Bollinger Indicator (BB). The price has decreased to near $22.646, a level historically associated with the beginning of an uptrend. This support level usually indicates oversold conditions and increases the likelihood of price reversal. With increased demand and strengthening buying trend, there is a possibility of breaking through the resistance line of the ascending triangle pattern. This move could potentially propel Hyperliquoid prices to its all-time high of $42. On the other hand, according to Coinglass data, the long-to-short ratio of this cryptocurrency in the derivatives market is 7.78, indicating the dominance of buyers. This ratio, along with a positive funding rate of 0.0734%, reflects the bulls’ control in the market and support for the continuation of Hyperliquoid’s uptrend. On the real-time digital currency price page, you can monitor the prices of all tokens and cryptocurrencies live and instantly.
