HYPE, Hyperliquid’s native token, has recovered to $40.56, up 7% in the last 24 hours. This increase comes after plummeting to a monthly low of $32.62 on June 22. Hyperliquid’s decentralized exchange (DEX) numbers were phenomenal in June, posting $11.44 billion in trading volume. On top of that, it is the only chain with a total locked value above $1.8 billion, an impressive recovery.
The token had first broken above the $40 mark on June 18 only to drop almost 25% over the next four days. On the other hand, HYPE is recovering quite strongly, up 15% in the past week.
Bullish technical indicators point to further upward strength for HYPE. The 10-day momentum reading is 7.31, which indicates overbought conditions. At the same time, the relative strength index (RSI) is at 60 and rising, indicating that buying pressure has begun to pick up.
It helps that key moving averages have formed a positive optical illusion that further supports the uptrend. And the 10, 20, 30, 50, 100 and 200-day exponential and simple moving averages are all in strong trend. HYPE is still staking its claim above important support levels. This very alignment of two moving averages has historically indicated a very strong base and a persistent growth moving forward.
Hyperliquid’s DEX volume hit $11.44 billion in June, showcasing the phenomenal activity on the platform. The total locked value on Hyperliquid has more than quadrupled to $1.8 billion, an early sign of increasing confidence in the platform.
