HYPE, the digital token associated with the decentralized exchange Hyperliquid, has seen notable growth after its recent inclusion on the US trading platform Robinhood, coupled with the filing of S-1 by its issuing entity.

As of now, HYPE is trading around $40, with a 24-hour trading volume of $517 million. The token has appreciated 3% over the past day and has seen a 15% increase over the week.

Price Breaks From Downtrend

This recent surge signifies a definitive break above a downward trendline that had served as a barrier for several weeks. The consistent failed attempts to overpower this line added weight to the breakout once it came to fruition. Currently, the price is trading above this level, further confirmed by a strong green candle.

Crypto analyst Batman commented:

“$HYPE has finally broken out of its short-term bearish trend after months of staying under.” They added, “Once something strong gets broken, it often flips and acts as support.”

The price zone between $39 and $40 is now anticipated as a potential support area for any corrections.

HYPE Price Chart Source: Batman/X

Despite varying opinions on future price trends, analyst Crypto Patel offered a more cautious outlook:

“We just broke down from the channel support and honestly? It’s looking bearish,” they noted. “I’m expecting a retest and then a move down to the $32 support zone.”

They further indicated that should $32 fail as support, the next critical zones to monitor are between $22 and $20. Nonetheless, Patel saw this range as a long-term investment opportunity, maintaining a bullish long-term vision with price targets reaching $50, $100, $200, and possibly even $500 over time.

Indicators Back Uptrend

Recent charts reveal strength in several key indicators. The MACD has shown a bullish crossover, with the MACD line surpassing the signal line. A shift in the histogram to green suggests that momentum might continue escalating.

MACD Chart Source: TradingView

The 9-day EMA is currently at $38, with the price maintaining above this indicator, affirming the current bullish momentum. As long as the price remains elevated over this level, buyers are likely to sustain control in the near term.

Hyperliquid Prepares for Public Offering

Hyperliquid Strategies has initiated an S-1 filing with the US Securities and Exchange Commission. The firm aims to raise up to $1 billion via a public offering of 160 million shares. Chardan Capital Markets will be facilitating the offering.

As noted in previous reports, the company has demonstrated strong growth throughout the year, with constant activity in blockchain engagement and token buybacks. The Robinhood listing and the recent price surge align with Hyperliquid’s efforts to expand into public markets.