Hyperliquid Price Eyes $50 Rally Amid Rising Channel Formation  

$HYPE, the native cryptocurrency of the decentralized exchange (DEX), Hyperliquid, shows a significant loss of 0.23% on March 25%. This slowdown in recovery momentum follows broader market uncertainty surrounding the diplomacy talk between the U.S. and Iran. However, Hyperliquid price remains on a positive edge as volatility in oil prices continue to drive demand for its oil-linked perpetual, boosting the network activity. However, given below are some of the key updates on Hyperliquid from last week that further bolster the coin price.

key Hyperliquid New You May Have Missed

Hyperliquid has implemented a number of operational changes over the last week or so.

Testing has begun for a new feature of fiat deposits directly on the main app of the platform. Users can now use credit cards or bank money to fund accounts in select regions through integration with Swapped, thus eliminating the access of having to acquire crypto from elsewhere before trading.

In trading news, a new perpetual contract based on the S&P 500 index launched. S&P Dow Jones Indices granted an exclusive license to Trade[XYZ] for the product, which runs exclusively on Hyperliquid. The contract utilizes official index data, and is operated on a 24-hour basis with no traditional hours of market activity to restrict participants. Coverage of the launch appeared in the major financial outlets such as the Wall Street Journal and Bloomberg.

Meanwhile, activity in the platform’s HIP-3 markets reached new highs, with open interest levels reaching $1.7 billion and 24-hour trading volume reaching $5.9 billion.

On the infrastructure side, Coinbase enabled sending and receiving USDC on the HyperEVM network, opening up avenues for users transferring the stablecoin onto the chain.

Community activity picked up as well. Hype Global, also known as Imperator, teamed up with Hyperliquid FR for a meetup for developers at ETHCC in Cannes on March 31st. Other upcoming events were highlighted on the HypurrCo account.

Hyperliquid Price Rides a Steady Uptrend Within Channel Pattern

Since last week, the Hyperliquid price witnessed a notable pullback from $43.7 to $36.7, amid the broader market pullback. However, the coin price showed significant resilience above the aforementioned low and bounced back to $40.

Such short pullbacks are commonly observed during a sustainable recovery trend as they allow buyers to recoup the exhausted bullish momentum. A deeper analysis of the daily chart shows that a rising channel pattern has been driving a steady uptrend in $HYPE coins.

The chart setup is formed with two parallel walking trendlines as they offer traders a dynamic resistance and support. If the pattern holds true, the recent revered Hyperliquid price from its resistance trendline could extend the ongoing pullback roughly 16% down to retest the bottom support.

The $36.7 remains a key support that could bolster buyers to prevent an aggressive pullback.

$HYPE/USDT -1d Chart

On the contrary, if Hyperliquid price breaks above the channel resistance, the buyers could drive a sustainable rally to $50.