Hyperliquid's native crypto token HYPE has recently experienced a significant 40% price decline. However, the altcoin is showing signs of recovery.

This renewed confidence, supported by positive market movements, has sparked hopes of a price rebound. Over the past 24 hours, the Open Interest for Hyperliquid has risen by $44 million, bringing the total to $428 million.

Hyperliquid’s (HYPE) native crypto token has seen a 40% price decline recently. However, the altcoin is showing signs of recovery as traders become increasingly bullish on HYPE.

Many traders believe that HYPE can regain the losses sustained in the recent downturn. This renewed confidence, supported by positive market movements, has sparked hopes of a price rebound.

Hyperliquid’s traders have grown bullish on the altcoin, evidenced by the rising Open Interest. In the past 24 hours, this figure has increased by $44 million, reaching $428 million.

This growth follows a recent uptick in price, which began after a period of decline. The decrease in price and the subsequent recovery have added momentum to the altcoin’s recovery.

Growth in Open Interest suggests that traders are becoming more confident in HYPE’s potential for a price rise. This influx of interest has fueled optimism among investors and traders.

As a result, there is a renewed sense of enthusiasm among HYPE enthusiasts, who believe the altcoin is well-positioned to reclaim lost value. This positive sentiment could contribute to continued price growth, particularly as market conditions remain favorable for a recovery.

The overall macro momentum of Hyperliquid has shown significant improvement in recent days. Key technical indicators, such as the Moving Average Convergence Divergence (MACD), reflect a shift from a bearish to a bullish trend this week.

This change marks the end of a month-long bearish crossover and signals the potential for further upward momentum.

As the bullish momentum rises, it provides HYPE with the room needed to continue its recovery. The shift in the MACD reflects a positive shift in market sentiment, suggesting that the altcoin may be in a stronger position moving forward.

HYPE's price is currently trading at $16.10, having risen by 14% over the last 24 hours. The altcoin is just under the $16.50 resistance level.

Having already recovered about half of its recent 40% decline, HYPE shows significant potential for further upside.

With the current momentum, there is a possibility that HYPE will breach the $16.50 barrier and continue its upward trajectory. If this occurs, the altcoin could move toward $19.16, potentially reaching $20.00 in the near future.

However, if the $16.50 resistance level proves too strong, HYPE may struggle to maintain its upward momentum. In this case, the price could fall back to $13.44, invalidating the bullish outlook and erasing recent gains.