Date: Thu, February 13, 2025 | 04:06 AM GMT
The cryptocurrency market has been on a strong recovery over the past 18 hours, rebounding sharply after an initial dip caused by the latest CPI data release. Bitcoin (BTC) briefly fell to $94K, while Ethereum (ETH) hit a low of $2,551. However, both assets have bounced back above $96K and $2,640, respectively, fueling bullish sentiment across the altcoin market.
Amid this recovery, Hyperliquid (HYPE), has surged over 7% and is now approaching a key resistance level that could determine its next major move.
Along with this, the On-chain data shows a significant increase in platform revenue, with fee earnings reaching $22.47M this month alone. If this trend continues, it could surpass last month’s total revenue of $51.41M, as per DefiLlama.
Key Breakout Ahead
HYPE is currently consolidating in a descending triangle pattern, with an emerging symmetrical triangle structure—both of which often precede major price breakouts. The token has recently tested and held strong support around the $20 level, aligning with both the triangle’s lower boundary and the symmetrical trendline, making it a crucial price zone.
As of now, HYPE is trading at $25.48, just below the descending trendline resistance. If the price successfully breaks above this resistance and confirms the breakout with a retest, it could ignite a strong bullish move towards the next resistance levels of $28-$30 and potentially $35 in the short term.
The MACD line is attempting a bullish crossover with the signal line, which could indicate growing buying pressure.
However, failure to break out from the current triangle pattern could lead to a pullback towards the support trendline, likely around $22-$20, where buyers may step in again.
Final Thoughts
HYPE is showing impressive resilience and is at a critical breakout level. Whether the breakout occurs will largely depend on broader market conditions, especially Bitcoin’s (BTC) stability and Ethereum’s (ETH) strength. If BTC continues its recovery, HYPE could see a sustained bullish push in the coming days.
Traders should keep a close eye on the $25-$26 resistance zone, as a decisive move above this could unlock significant upside potential.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.