Perpetual futures trading platform Hyperliquid’s native HYPE token has finally made a bullish move. On Tuesday, the digital asset broke out of an ascending triangle pattern, prompting analysts to believe that it may be eyeing the $89 price target in the coming weeks.
HYPE finally makes a bullish move
According to a Tuesday X post by crypto trader Nebraskagooner, HYPE has broken through the bullish ascending triangle pattern on the daily chart – with a clean move above the $58 price level.
The following chart shows HYPE’s breakout in motion. The next minor resistance level for HYPE lies around $62, while the major resistance level is close to $72.
For the uninitiated, an ascending triangle is a bullish chart pattern with a flat resistance level and a series of higher lows, showing buyers are becoming increasingly aggressive. A breakout above the resistance can signal a potential upward move, especially when supported by strong trading volume.
On the 8-hour timeframe, the picture remains bullish. In a separate X post, crypto analyst Don said that HYPE could be eyeing a move out of the falling wedge pattern. If it’s successful, then a move to $89 cannot be ruled out.
Much like the ascending triangle pattern, a falling wedge is a bullish chart pattern where price moves lower between two downward-sloping trendlines that gradually converge. A breakout above the upper trendline can signal that selling pressure is weakening and a bullish reversal or upward move may follow.
HYPE not out of the woods completely
While technical patterns suggest a moderately optimistic outlook for HYPE in the coming days, on-chain data shows otherwise. In a separate X post, crypto market commentator Ted Pillows noted that Multicoin Capital had deposited HYPE tokens worth $10.1 million to Coinbase.
While there are fears that the venture capital firm may be considering liquidating its HYPE holdings, no on-chain confirmation has emerged yet. It’d be surprising if they actually sell HYPE, since not too long back, Multicoin Capital had predicted that the digital asset would reach $319 by 2028.
Meanwhile, seasoned crypto entrepreneur Arthur Hayes has publicly gone on record, announcing that he has completely sold his entire HYPE position.
