HYPE price targets $100 ahead of the USDH stablecoin launch
The HYPE price rally has lost momentum in the past few days, falling by almost 7% from its highest point this year.
The Hyperliquid token was trading at $53.77, giving it a market capitalization of nearly $18 billion. Still, technicals suggest it may advance to $100 ahead of the upcoming USDH stablecoin launch.
- HYPE price has pulled back in the past few days.
- The coin may rebound ahead of the upcoming USDH launch.
- Hyperliquid has some of the top fundamentals.
USDH launch to boost Hyperliquid
HYPE has some of the top fundamentals in the crypto industry. One of them is the upcoming launch of the USDH stablecoin, which will be issued in partnership with Native Markets.
The stablecoin is expected to be launched in the next few days, becoming one of the top competitors for existing coins like USDC and USDT. It will initially be capped at about $800 per transaction.
In a major boost for the Hyperliquid (HYPE) token, Circle, USDC’s creator, announced its expansion on the Hyperliquid network. It did so by launching native USDC and CCTP V2 on HyperEVM. It also became a direct stakeholder in Hyperliquid by making its first HYPE investment.
HYPE price also has other fundamentals that will boost it in the coming months. The most important one is that it is now dominating the perpetual futures industry.
Data from DeFi Llama shows that perpetual futures on the network rose to more than $336 billion in the last 30 days. BasedApp, the second-biggest player in the network, handled $10 billion.
More data shows that the total value locked in the Hyperliquid layer-1 rose to more than $7.72 billion, up from the January low of $400 million. The amount of stablecoins in the network jumped to a record high of $6.2 billion, making the network one of the biggest players in the industry.
HYPE price technical analysis
The daily time frame chart shows that the Hyperliquid price has been in a strong bull run lately. It moved from a low of $9.33 in April to a record high of $57 this month.
HYPE price recently moved above the important resistance level at $50.27. This was a notable level, as it was the upper side of an ascending triangle pattern. The recent retreat is part of a break-and-retest pattern, a common continuation sign.
Therefore, the token will likely continue rising as bulls target the psychological point at $100. A move below the support at $50.27 will invalidate the bullish outlook.
