Hyperliquid's 50% Surge in 16 Days: Can $35 Be Next?

Hyperliquid Price Surges 50% in 16 Days: Can It Hit $35 Next?

Hyperliquid, the native token of decentralized perpetuals exchange Hyperliquid, has witnessed a remarkable price surge of 50% in just 16 days. This impressive rally has pushed the token's price to new heights, raising the question of whether it can continue its upward trajectory and reach the $35 mark.

The recent price surge can be attributed to several factors. Firstly, Hyperliquid has successfully broken above its 20-day Exponential Moving Average (EMA), a critical resistance level that had previously hindered its progress. This breakout signals a significant shift in market trends and hints at the possibility of an extended rally.

Secondly, the Chaikin Money Flow (CMF) indicator for Hyperliquid has turned positive, signaling a shift from a bearish to a bullish trend. This positive CMF reading suggests that accumulation is gaining strength, further supporting the token's upward momentum.

If the current accumulation trend continues, Hyperliquid could potentially test the resistance level at $27.53 and even breach it to reach $30.37, a price level it last touched in December. However, it is essential to consider that a surge in profit-taking could invalidate this bullish outlook and lead to a test of the support formed by the 20-day EMA at $23.12.

In such a scenario, Hyperliquid's price could fall toward $18.50. However, given the recent price action and positive indicators, the likelihood of a continued rally appears more probable. As always, investors should conduct thorough research and consult with professionals before making any financial decisions.