Hyperliquid (HYPE) approached $30 on Friday, February 27, following a 2.25% rise attributed to increased retail participation. The asset moved above key moving averages, breaking a descending channel pattern. Data from derivatives markets showed futures open interest reaching $1.15 billion with a positive funding rate, indicating bullish trader bias.
The price of Hyperliquid neared $30 on Friday, February 27. This followed a 2.25% rise at press time, which analysts attributed to stronger retail inflows.
On the 4-hour chart, HYPE moved above its 200-period Exponential Moving Average at $29.09. This confirmed a breakout from a falling channel pattern, indicating improving market sentiment.
Analyst CryptoPulse highlighted that HYPE was testing channel resistance between $28 and $29. “If the coin broke through the channel, there was a chance for a greater target,” the analyst noted, pointing to a $32–$34 range.
Derivatives data shows futures open interest increased to $1.15 billion. The funding rate was positive at 0.0052%, suggesting long positions were dominating the market.
HYPE’s recovery occurred after a previous drop on Monday. The price subsequently rose for four consecutive days, turning its weekly performance positive by nearly 2%.
Key technical indicators supported the near-term bullish outlook. The Moving Average Convergence Divergence indicator moved into a positive zone with an expanding histogram.
The Relative Strength Index was at 64 and rising, indicating increased buying activity. Immediate resistance levels were noted at $31.04 and $33.06.
