HYPE Ready to rip? Double bottom eyes: $48 target

HYPE recovers from support at $30 to $33 as a double bottom form; price nears resistance at $36 with rising open interest and Nasdaq listing news.

After retesting the $30-$33 support zone this week, the price bounced and is now moving towards resistance around $36.

Support zone persists as price attempts a reversal

HYPE has tested the same support area several times since June. Each time, the price held steady and short-term buyers stepped in. The current chart shows two recent lows near this range, indicating that a double bottom pattern may be forming.

CryptoPulse noted,

“This level has acted as a strong bounce area several times – and if price holds here, we could be looking at the formation of a potential double-bottom reversal pattern.”

If the pattern repeats, a break above the $36–$38 resistance area is needed. That level has been a barrier in previous rallies. If approved, the next targets could be $40 and $50 in the coming weeks.

Interestingly, the MACD line has crossed above the signal line. The MACD value is 0.098, while the signal line is at -1.87. The histogram is now positive and shows early signs of momentum shifting.

The RSI is at 45, rising above its own moving average of around 40. While still below 50, this indicates improving momentum in the short term. Neither indicator is showing strong trends yet, but both reflect a change from recent weakness.

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Futures traders are returning as open interest rises

Open interest on futures rose to $1.57 billion after a sharp decline in late November. This shows that more traders are opening positions as the price starts to recover. An increase in both price and open interest often indicates growing market participation.

Previous periods of similar setups led to short-term rallies. But in previous cases, rapid jumps in open interest without consequence in price have also led to liquidations. Current conditions suggest traders are positioning for a possible breakout as they look for price confirmation.

Meanwhile, Hyperliquid Strategies is expected to start trading on Nasdaq under the ticker $PURR. The fund will hold 12.6 million HYPE tokens and $300 million in cash reserves. It will function as a treasury reserve connected to the Hyperliquid ecosystem.

Hyper fluid daily reported,

“Hyperliquid Strategies will operate as a HYPE token treasury reserve, with approximately 12.6 million $HYPE tokens and $300 million in cash.”

The move follows approval of a merger with Nasdaq-listed Sonnet, potentially creating a treasure trove of digital assets worth $1 billion.