- Hype recovered well and could soon challenge and turn the $ 17.15 resistance to support.
- The liquidation map showed that short liquidations were poet and poet than the long liquidations.
Hyperliquid [HYPE] Saw the total value locked (TVL) shrinking $ 636 million in the first week of March to $ 230 million a month later, according to data from Defillama.
One of the drivers of this exodus of capital was the way in which the hyperliquid platform treated the Jelly Saga.
The platform saved his hyperliquid provider Kluis and wiped out his negative PNL that came as a result of the manipulation of jelly and the long liquidation of a trader who inherited hyperliquid.
In the process, the legality of their actions and the decentralization of Hyperliquid were questioned.
Hype could see a short squeeze in the short term
Source: Hype/USDT on TradingView
The trade volume of the platform remained fine and was not an immediate threat. This also meant that the demand for hype was healthy. The breakout of the token above the falling channel A week ago has erased all the losses that the token made after March 24.
It approached the resistance of $ 17.15 that the Swing high marked before the falling channel. On the 24-hour graph, Hype has had a bullish structure since he climbs $ 12 above lower High.
That is why the 1-day and lower time frames have a bullish structure and a movement above $ 17.15 would be a different leg higher for the prices for hyperliquid token. This outcome probably seemed like bitcoin [BTC] Held his nerve.
The A/D of Hype made a new high, which came past the Highs of March. The RSI was also more than 60 to signal a strong up momentum.
Source: Coinglass
The liquidation map showed that some short -term volatility was possible. The short liquidations overhead were higher lifting tree positions and had a higher estimated liquidation lever closer to the price.
In particularHe $ 17, $ 17.3 and $ 17.45 levels are short -term goals due to high leverage liquidations clustered in these areas.
Traders must be careful with a false outbreak beyond $ 17.15, driven by short liquidations, because it could quickly reverse. A retest of the $ 17 zone as a demand level can offer a long chance for traders.
Monitoring of the BTC movement will be crucial for understanding market -wide sentiment and attaching the potential price direction.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
