Would You Chase $HYPE at $71?

On the surface, HYPE looks incredibly strong—but there's one problem: it still can't break through resistance.

Over the past seven days, HYPE has climbed 11.8%, recovering from its June low around $59. After finding support near the 200 EMA, price staged a sharp V-shaped rebound, pushing its market cap into the $15.8–18 billion range and keeping it among the top crypto assets.

The daily chart remains in a healthy uptrend, with higher highs and higher lows. However, on the 4-hour chart, price has already been rejected three times in the $72–73 resistance zone.

The key question is simple: Can it finally break above its all-time high at $76.98?

Why HYPE stands out

Hyperliquid isn't another speculative token. It's a Layer-1 blockchain built specifically for on-chain perpetual futures and spot order books.

It delivers a centralized exchange experience while remaining fully on-chain—offering transparency, decentralization, low fees, and high execution speed.

Even more importantly, the platform generates real revenue.

- Annualized revenue is estimated at $800 million to $1 billion, with cumulative revenue already exceeding $1.1 billion.
- Quarterly trading volume has reached tens of billions of dollars, making Hyperliquid one of the dominant players in decentralized perpetual trading.
- VALR, Africa's largest exchange, recently integrated HYPE and launched 200+ cross-asset perpetual contracts.
- The HYPE token also benefits from a real buyback-and-burn mechanism, with platform fees used to repurchase and permanently remove tokens from circulation.

The technical picture

The daily chart continues to show a well-defined ascending channel.

After pulling back from the $76.98 all-time high to around $59, price found support near the 50-day EMA before rebounding with improving momentum. That's typically considered a healthy correction within a broader uptrend.

On the 4-hour chart, the recovery from $59 has been equally impressive. The 200 EMA acted as solid support, but the $72–73 resistance zone has rejected price three consecutive times.

The bullish structure remains intact. A decisive breakout above $72–73 with strong volume could open the door to a retest of $76.98.

Market context

With Bitcoin stabilizing around $62,000 and Ethereum holding the $1,700–1,750 range, overall market sentiment has improved in early July.

One of HYPE's biggest strengths is its relative strength.

When Bitcoin gains 1%, HYPE often moves 3–5%. When Bitcoin pulls back slightly, HYPE has recently shown the ability to consolidate rather than sell off aggressively. That combination of market exposure and outperformance is what traders often describe as Beta plus Alpha.

Key levels

Resistance

- $72–73
- $76.98 (all-time high)
- $85–100+

Support

- $68–70
- $65
- $59–60

Trading strategy

Already holding HYPE?
Stay with the position for now. Consider moving your stop-loss to below $65. If price breaks and holds above $76.98, that could provide an opportunity to add to the position.

No position yet?
Watch the $68–70 area for potential entries.

- Stop-loss: $64–65
- Target 1: $76–77
- Target 2: $85–100

For futures traders:
A confirmed breakout above $72–73 could offer a momentum long, with a stop-loss near $70. Alternatively, a pullback into $68–69 may present another long opportunity with a stop below $66.
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