The HYPE token of Hyperliquid has returned to a value above $40, marking a significant event in the cryptocurrency market. After declines in previous weeks, the asset is regaining popularity among traders.
Price Recovery of HYPE
The HYPE token is trading at $40.56, which is up 7% over the last 24 hours and 15% over the week. This recovery comes after reaching a monthly low of $32.62 on June 22, when HYPE dropped nearly 25% in four days.
Increase in Trading Activity
According to DeFiLlama, the total decentralized trading volume on Hyperliquid in June was $11.44 billion, the highest monthly total since December 2024. This amount more than doubles April's $4.86 billion and represents an 18% increase from May's total.
Technical Analysis of HYPE
From a technical standpoint, HYPE is showing strength but still remains in neutral territory. The relative strength index (RSI) is currently at 60 and trending upward. Positive 10-day momentum readings of 7.31 support an ongoing uptrend, while most moving averages are in buy territory. However, some oscillators indicate neutral territory, highlighting the need for strong trend confirmation.
The overall price increase of HYPE and rising trading activity indicate growing interest in the Hyperliquid platform. However, further price fluctuations may depend on market sentiment.
