ETH/USD Clings Below $3000 in BTC's Shadow: Buy Deep Dips at $2700 Targeting $4000 Breakout 
Hyperliquid, the leading decentralized finance (DeFi) platform that surpasses all previous records, has experienced significant growth and market activity. With a robust level of trader engagement, the platform's open interest reached $10.1 billion, and 24-hour fees rose to $5.6 million, reflecting significant trading volume and revenue generation. The TVL of USDC was $3.5 billion, indicating a significant level of user trust and capital commitment.
These achievements strengthen Hyperliquid's position as the leading player in the DeFi derivatives market and underscore a rising user confidence and dependable revenue stream. Additionally, The increase in open interest and TVL reflects rising confidence amongst traders and liquidity providers, which allows for further development and expansion of the platform.
Market Overview and Price Movement
The HYPEUSD pair surged more than 50% in the past one week. It hit an intraday high of $39.96 and is currently trading around $38.83, holding above key moving averages on the 4-hour chart.
Key Resistance and Support Levels
The near-term resistance level is identified at $40, and a breach above this could push the price to $50, or even $70. On the downside, immediate support is at $35 with potential targets lower at $30/$25/$19 and $16 if violated.
Technical Indicators
Current indicators show the CCI (50) as bullish and the Directional Movement Index as bullish. It is recommended to consider buying on dips around $26.50, with a stop-loss set at $19 and a target price of $50.
