Retail interest remains low as futures Open Interest declines to $1.43 billion.
Hyperliquid (HYPE) edges higher above the $30.00 support on Monday, as prices generally rebound across the crypto market following last week’s turbulence. The decentralized exchange (DEX) native token is up over 5% intraday and looks poised to extend the uptrend.
Hyperliquid’s Decentralized Finance (DeFi) sector has remained relatively stable over the past few days, with the Total Value Locked (TVL) rising to $1.5 billion on Monday, from $1.41 billion on Saturday.
The uptick in TVL, which tracks the total notional value of all coins held in smart contracts on the chain, suggests a modest uptick in speculative risk appetite and confidence in the token among participants.
Meanwhile, retail interest remains relatively muted as futures Open Interest (OI) declines slightly from $1.43 billion on Monday from $1.44 billion the previous day. OI tracks the notional value of outstanding futures contracts, whereby persistent declines signal a lack of investor confidence in the token.
Traders tend to close open positions rather than open new ones, depriving Hyperliquid of the much-needed buying pressure to sustain an uptrend.
Hyperliquid exhibits stability above $30.00, marking an improvement in technical structure. The token is supported by the 50-day Exponential Moving Average (EMA) at $27.58 and the 100-day EMA at $30.45.
Meanwhile, the Moving Average Convergence Divergence (MACD) sits in positive territory with the MACD line above the signal line on the daily chart, though the histogram is contracting, suggesting momentum is cooling. The Relative Strength Index (RSI) is at 62.54 on the same chart, and not overbought, which supports a push toward resistance the 200-day EMA at $32.68. A break above this moving average could accelerate the uptrend to the next hurdle at $35.01, tested last week.
Still, the descending trend line from $59.71 limits gains, and resistance is seen at $33.77. A close below the 100-day EMA at $30.45 may stretch the downtrend toward the 50-day EMA support at $27.58.
