Hyperliquid’s HYPE Token Eyes $60 Amid Strong Bullish Momentum

HYPE, the native token of Hyperliquid, is demonstrating robust bullish behavior as it consolidates above the $45.80 support level. Traders are targeting a breakout past the psychological $50 barrier, with Fibonacci extensions suggesting a potential rally toward $60. The asset's resilience NEAR key moving averages and an RSI approaching overbought territory underscore buyer dominance.

Hyperliquid's treasury continues to swell, nearing $1.22 billion amid aggressive token deflation. The network burned 73,196 HYPE tokens at $47.43 in daily deflationary pressure, tightening supply dynamics. A decisive hold above $45.80 WOULD confirm the level as a new floor, while the 20-day EMA at $42.93 serves as critical support for sustaining upward momentum.

Market structure hinges on the battle around major moving averages. A rejection below the 50-day SMA could trigger a correction toward $41, whereas conquering $50 opens a clear path to $60. The Assistance Fund's recent redemption of 99,620 HYPE tokens at $47.43 reflects active ecosystem participation.