Can Hype Price Hit $50 After Robinhood Listing?

HYPE, the native token of the decentralized exchange Hyperliquid, has witnessed a notable price surge after its listing on the U.S.-based trading platform, Robinhood. The altcoin rose by over 10% within 24 hours, breaking through the $40 support level, signaling strong market momentum. 

This surge comes amid a broader recovery in the crypto market, with the BTC price recovery above the $111K mark, Ether gaining traction, and other major assets like Solana (SOL), Binance Coin (BNB), and XRP also seeing slight price increases.

HYPE Price Surges Following Robinhood Listing

The HYPE token has established a breakout of a several weeks long falling wedge, which is a chart pattern typically accompanied by bullish reversal tendencies. The trend combined with the recent listing on Robinhood increased the interest of investors and increased the activity of the token on the market.

The move by Robinhood to list HYPE as a spot trading exchange is also part of the broader move by the platform to make more tokens available to clients in the U.S. This action makes Robinhood a stakeholder in the increasing competition among decentralized exchanges (DEXs), specifically perpetual contracts exchanges. HYPE has experienced a substantial level of trading with this recent listing, an aspect that highlights its rising popularity in the competitive DEX arena.

Hyperliquid Leads Perpetual Trading Volume in DeFi

As per DeFiLlama data, Hyperliquid has taken the top spot as the most active decentralized exchange (DEX) in terms of volume in perpetual trades. The site has also recorded a massive trading volume of $8.5 billion in the past 24 hours, which also reveals its market dominance.

Hyperliquid also has an open interest of $7.526 billion in addition to this impressive volume, which implies that there is healthy market activity and considerable levels of traders interest.

These figures keep Hyperliquid ahead of its competitors in terms of a robust presence in the decentralized perpetual markets.

Will Hype Price Break Through $50 Resistance?

As of reporting, the Hype price was trading at $40.89, reflecting a modest 3% increase in the last 24 hours. The cryptocurrency has shown a steady upward movement, reaching a resistance level near $40.00. 

The Relative Strength Index (RSI) is at 58, indicating that the price is neither overbought nor oversold. This places Hyperliquid at a neutral point, where there is further price intervention. The Moving Average Convergence Divergence (MACD) also possesses positive momentum since the MACD line stands at 0.797 which shows that the bullish strength is on the rise.

The next target would be $45.00, with further resistance potentially lying at $50.00. If the market maintains its bullish posture, the price may approach these levels in the coming days.  If the Hype price forecast falls below $38.00, there is a risk of further decline toward $36.00, a potential area for additional support.

To summarize, the momentum of HYPE after listing on Robinhood is strong and indicates a bright future. The token may even penetrate $50 in case the market conditions are favorable as the technical indicators reflect the strength of the bull.