Hyperliquid: HYPE Signal Breakout, Eyeing $60 in the Short Term

• HYPE holds strong above $45.80, with bulls targeting a breakout past $50 toward $60 next.
• The network’s treasury is close to $1.22 billion, with daily deflation reaching 73,196 HYPE tokens at $47.43.
• Fibonacci resistance lies at $51.75 and $54.75, with bullish momentum eyeing a $60 extension.

HYPE rejected near the crucial $50 psychological level on Monday, yet buyers remain resilient. The bulls have not allowed significant price drops, signaling strong support. The daily chart indicates moving averages rising and the relative strength index (RSI) approaching the overbought zone, indicating bullish dominance.

If the asset recovers from the support of $45.80, it would be a clear indication that the buyers have made the level a floor. It would enhance the possibility of moving above $50, which can take the price closer to the resistance of $60. The 20-day exponential moving average (20-day EMA) at $42.93 remains a vital support level to sustain the bullish momentum.