- HYPE surged 53% in April, gaining attention from Arthur Hayes and crypto analysts.
- Drew Dove flagged a breakout above $19.30 with sustained buy signals on intraday charts.
- HYPE now trades above $20 with support near $17.50 and eyes a retest of the $21 resistance.
Arthur Hayes, BitMEX co-founder, has drawn renewed attention to Hyperliquid (HYPE) following a strong price rally in April.
In a post shared on X, Hayes responded to the frequently asked question, “when alt season?” by suggesting the obvious answer, referencing HYPE’s price chart. His post highlighted the token’s 53% monthly surge, suggesting growing interest in altcoins as bullish momentum accelerates across select assets.
Analyst Drew Dove Eyes $20 Support
Analyst Drew Dove also weighed in, stating that HYPE may not fall below $20 again. His chart on X showcased an intraday breakout above $19.30, with the token hitting an hourly high of $19.423 and rebounding from lows of $19.095.
Dove pointed to multiple “Buy” indicators on the one-hour chart, confirming continued accumulation and a strong breakout from short-term resistance levels around $18.50 to $19.00.
Price Holds Above Key Support as Monthly Gains Top 53%
HYPE recorded a big jump from $13.32 to $20.445 in April. This move represented a 53.51% monthly gain. The token added $7.127 in value over that period. As of reporting earlier tonight, HYPE was trading at $20.26, a 1.52% daily gain then.
Despite a drop of 18.20% in 24-hour trading volume, now at $147.85 million, the asset continues to show strong price support and resilience.
The one-month candlestick chart shows a recovery from a local low near $9.50 earlier in April. The token gained upward momentum mid-month, exceeding resistance around $17.5, consolidating near $19, and later moving above the $20 threshold. HYPE’s circulating supply is 333.92 million, with a capped total of 1 billion tokens, creating conditions for sharper price action due to the limited float.
Technical Patterns Show Sustained Buying Activity
Intraday data from the Hyperliquid DEX shows HYPE trading upward, with higher lows and raised volume levels. The hourly chart reflects continued strength, with short-term support forming near $17.50 and price levels now retesting the logical resistance at $21. Although the asset briefly touched this level on May 2, it retraced and stabilized at $20.26.
Moreover, HYPE’s market capitalization is $6.76 billion, while its fully diluted valuation, at $20.26 billion, matches its current price.
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