Key Takeaways
- HYPE’s price is now 10% from retesting its all-time high after Binance U.S. announced plans to list the altcoin.
- Analysts expect the listing to drive HYPE’s market value higher, with one saying it could add another 63%.
- Indicators revealed sustained bullish momentum, suggesting short-term targets at $40 and possibly $45.
Binance U.S. has revealed plans to list Hyperliquid (HYPE), sending ripples through the crypto community. Although the exact listing date remains undisclosed, the development was enough to trigger bullish momentum around the altcoin.
This comes days after Binance Futures listed HYPE on May 30. The back-to-back developments lit a fire under the coin, pushing its price up by nearly 10% in hours.
As of this writing, HYPE’s price has exceeded $35. With fresh exchange exposure looming, the altcoin now stands a hair’s breadth from its all-time high.
The question is: will HYPE break through resistance and hit another peak?
Binance US Plans Drives HYPE Breakout
For months, the broader market has speculated on the possibility of tier-1 exchange listings. In May, its native decentralized exchange, Hyperliquid, shattered expectations by recording over $240 billion in trading volume, equivalent to 10% of Binance’s $2.4 trillion derivatives volume for the month.
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The surge did not go unnoticed. Shortly after the milestone, Binance U.S. confirmed it will enable spot trading for HYPE.
“The HYPE is real. Spot trading for HyperliquidX is coming soon to Binance US,” The exchange wrote on X.
Following Binance U.S.’s confirmation of a spot listing, HYPE’s price jumped from $32.45 to over $36 at press time. On the 4-hour chart, CCN observed a breakout above the upper trendline of a symmetrical triangle.
Alongside that, the green line of the Supertrend has appeared below the price, providing support at $32.57. At the same time, HYPE’s price seems ready to challenge the $37.10 resistance.
The Awesome Oscillator (AO) flashed a positive reading, supporting the bullish outlook and indicating bullish momentum that could drive the market value higher.
Analysts Bullish as OI Rises
Following the development, there have been comments on X, saying that the Binance announcement could drive other exchanges to follow suit. Some also predict that the development could send HYPE’s price much higher than its current value.
For instance, Jeff Dorman, Chief Investment Officer at digital asset trading firm Arca, argued that Hyperliquid’s high Fully Diluted Valuation (FDV) does not necessarily mean the asset is overvalued.
“As HYPE ascends to new ATHs, remind your naysayer friends that ‘FDV’ is the most irrelevant metric. Market cap matters, including future expected emissions, offset by buybacks, but EXCLUDES tokens that will never be issued. Still cheap given earnings and growth,” Dorman stated .
Likewise, crypto analyst Shaunda Devens noted that a Binance spot listing could catalyze HYPE, potentially pushing the token’s price up by as much as 63%.
“With HYPE soon trading on Binance. U.S., and perps already live on Binance, a spot listing is likely to follow. @0xMether‘s research on Binance spot premiums: tokens average 63.6% gains on listing (26% median), with 7-day sustaining at 29.2%,” The analyst emphasized.
In the meantime, data from Coinglass shows that HYPE’s Open Interest (OI) has surged to a record $1.43 billion.
Rising OI typically indicates increased trader exposure, and in this case, suggests growing confidence in HYPE’s upswing. If this trend continues, and the price avoids a correction, it could further fuel the ongoing rally.
HYPE Price Prediction: $40 Programmed?
Looking at the price action on the daily chart, CCN noticed that HYPE has been forming lower highs since April 8, creating an ascending triangle pattern that precedes a breakout to new highs. S
Supporting this bullish setup, HYPE’s price recently climbed above the Ichimoku Cloud, a strong indicator of the uptrend since the cloud now acts as support rather than resistance.
In addition, the Bull Bear Power (BBP) remains in positive territory, showing buyers have the upper hand. If this momentum holds, HYPE could reach $40 in the near term.
The upcoming Binance U.S. listing date may push prices even higher, potentially hitting $45 amid increased demand and trading volume.
However, if the listing announcement triggers a “sell the news” reaction, HYPE’s price could fall to around $28.25, close to the 0.382 Fibonacci retracement level.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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