Hyperliquid (HYPE) price has surged above $37, showing strong bullish momentum after a significant rally.The Hyperliquid has gained 20% making it among the top 10 cryptocurrencies by market capitalization.
The application of HIP-4 by the Hyperliquid has been of great contribution in this growth that has flooded the prediction type trading.
The high trading volume and increased investor interest have driven HYPE’s market performance.
The broader cryptocurrency market has also been growing since it rose 2.93% to a market cap of 2.65 trillion. Bitcoin is rebounding at above $78K, and Ethereum (ETH) is priced above $2300. The market has been fluctuating; however, it seems to be recovering, and many traders are hopeful of future price changes.
Hyperliquid’s HIP-4 Update Sparks Surge in Trading Activity
The HIP-4 update by Hyperliquid is changing on-chain trading and triggering a spike in market activity.
The new proposal adds a more style of prediction trading and derivatives in the form of options, directly on-chain, beyond Hyperliquid’s initial work with perpetual futures.
HIP-4 enables traders to predict in the market with pre-programmed risk settings, which removes the conventional liquidation dynamics.
The price of HYPE has been skyrocketing, as it has increased by 16% over the past 24 hours and 71% in the past two weeks since the update. The Hyperiquid increase can be attributed to the ability of the platform to leave a significant concentration area due to the enthusiasm surrounding the increased product features.
Increased trading volume is a signal of increased trust in the future of Hyperliquid. HIP-4 is considered by traders to be a major development in the platform, becoming a fully featured DeFi trading hub.
By introducing prediction market instruments, Hyperliquid can become a key market in the sector of decentralized derivatives, which is attracting interest among retail and institutional investors.
HYPE Market Sees Major Growth in Volume and Open Interest
According to Coinglass data, the latest insights into the HYPE derivatives market reveal significant growth. The volume of trading has soared by 35.28% to reach the figure of 4.76 billion. Additionally, there is also an open interest increased by 24.61%, being at present at $1.84 billion.
These numbers reflect a good growth in the derivatives market, which is indicative of the increasing investor interest in Hyperliquid HYPE products.
Will HYPE Price Rally Above $50 This Week?
The price of HYPE has surged past the $37 mark, approaching $40 after overcoming key resistance levels. At the time of writing, the Hyperliquid price soared to $37.07, with a strong surge of 20% as the future HYPE outlook remains bullish.
The Relative Strength Index (RSI) stands at 67.15, which is an indicator of robust bullishness. The MACD has a positive divergence as the histogram has been rising above the zero line, and this is a bullish momentum.
Source: HYPE/USDT 4-hour chart: TradingviewAt the moment, the immediate support is at $35, and then it is at $30 in case of deeper correction.
Nonetheless, the main support levels are at $40, $45, and $50, and the breakout of the bullish run would be above $50.
Source: https://coingape.com/markets/hype-price-outlook-after-hyperliquids-hip-4-rollout-sparks-prediction-style-trading-boom/
