Hyperliquid Price Breaks Trendline as US Market Talks Gain Momentum
Hyperliquid's price has broken through a descending trendline on its 1-hour chart, causing excitement among traders. The cryptocurrency, trading at $84.216, has seen a 3.87% increase in value over the past 24 hours, with futures volume reaching $3.37 billion and spot volume at $236.60 million.
The trendline break is significant, as it marks a shift in market sentiment. Traders are now looking to the US market entry talks between Hyperliquid and Payward, the parent company of Kraken, for further confirmation of the breakout.
A deal with Payward could give Hyperliquid a regulated pathway into the United States, which has historically been a significant unlock for exchange-linked tokens. This development is seen as adding weight to the move, making it more than just a temporary spike.
Short liquidation over the past day has also contributed to the trendline break, with $2.21 million in positions being closed out, mostly on the short side. This suggests that sellers were caught off guard by the price increase and are now looking to reposition themselves.
The technical analysis is clear: if Hyperliquid closes above $86.823, it will confirm the breakout and open a path towards $91.995 and then $100.307. However, risks remain, with a failure to hold above $86.823 weakening the bullish case and potentially sending the price back down.