HYPE, the 11th-largest cryptocurrency with a reported market cap of more than $15.17 billion, appears to be preparing to take another shot at the $100 price target. The digital asset is forming a major bullish pattern that has the bulls excited.
Will HYPE hit $100 in the coming week?
In a Wednesday X post, seasoned crypto trader TraderSZ stated that HYPE looks primed for “another leg up.” The trader shared the following HYPE daily-chart, suggesting that HYPE is preparing to breakout from a classic bull flag formation, potentially eyeing the $100 target.
A bull flag is a bullish continuation pattern that forms after a strong upward move, where price enters a short period of consolidation or a slight pullback. The pattern is confirmed when price breaks above the upper trendline of the flag, signaling a potential continuation of the previous uptrend.
It should be emphasized that this is not the first time that speculations of HYPE reaching a $100 price level are gaining momentum. According to the following chart, the cryptocurrency has twice tried to achieve the feat over the past 3 months – meeting resistance at around $75 area.
However, in trading, the more number of times a resistance or support level is touched, the weaker it becomes. Eventually, the underlying asset manages to break through the level, resulting in the creation of a new price range.
Fellow crypto trader Bluntz shared similar thoughts. In their analysis on X, Bluntz highlighted how HYPE has been consolidating above the previous all-time high for almost a month and a half. They added that the cryptocurrency looks ready for a breakout.
HYPE is winning over the institutions
Although Hyperliquid, the breakthrough perpetuals trading platform gained popularity among retail traders, the platform’s native token is making strong inroads in institutional portfolios.
On July 7, Bitwise acquired around $2.4 million worth of HYPE through Wintermute after calling it one of crypto’s most underrated assets.
In the same vein, on June 25, Multicoin Capital forecasted that HYPE may reach as high as $319 by 2028. However, HYPE’s journey to the said price target is not going to be easy, with an increasing number of competitors entering the market to snatch its market share.
