Hyperliquid Token Breaks Above $90 Resistance, Eyes $100 Target
Hyperliquid's HYPE token has successfully broken above the $90 resistance level and is currently trading near $91.68. According to CryptoGuru12, this breakout momentum builds towards a target of $100.50.
The analyst noted that if the price falls below $88.50, it would invalidate the bullish setup. However, with both the 20-day EMA at $83.20 and the 14-day RSI at 65.09 supporting the uptrend, buyers seem to be in control.
In addition to this technical analysis, Hyperliquid has also reported burning 26,310 HYPE tokens worth $2.42 million, bringing the total burn to 48.76 million tokens. This token burn reduces the circulating supply and is funded by platform revenue, which has reached $64.34 million over the past 30 days.
NEAR Protocol's launch of confidential perpetual futures through Hyperliquid's infrastructure has also added to the ecosystem's growth. Traders can access over 50 perpetual contracts with up to 40x leverage, managed through NEAR Intents.