Hyperliquid DEX is maintaining stable performance, but the lack of market momentum and sentiment has caused HYPE's price to stagnate, without establishing a strong upward trend.
The trading volume on Hyperliquid, while maintaining stability, has not seen a significant increase in new users and trading fees, reflecting investors' hesitation and difficulty in creating short-term price breakthroughs.
MAIN CONTENT
The performance of Hyperliquid DEX is stable but lacks momentum for growth in trading and new users.
Market sentiment is subdued, and Bitcoin has not surpassed 122.8 thousand USD, making it difficult for HYPE's price to establish a strong trend.
The market structure of HYPE still maintains a growth signal, but selling pressure dominates in the short term.
What is Hyperliquid DEX?
Hyperliquid is a popular decentralized exchange (DEX) focused on optimizing the cryptocurrency trading experience, with the HYPE token as its native asset.
Hyperliquid Exchange stands out thanks to its decentralized mechanism, providing high liquidity and operating based on smart contracts. This DEX attracts investors due to competitive trading fees, transparency, and security of modern DeFi platforms. Since the beginning of 2024, Hyperliquid has consistently been among the DEXs with stable volume despite significant volatility in the entire industry.
What is the recent performance of Hyperliquid DEX?
Over the past two months, Hyperliquid DEX has maintained stable trading volume, but the number of new users and trading fees have not increased, indicating that the market is in a cautious state.
According to Dune Analytics and DefiLlama, daily trading volumes on Hyperliquid have remained stable for six weeks, but the number of new users has decreased sharply. Although Bitcoin fluctuates around its historical peak and altcoin capitalization has increased by 25% since July 10, HYPE has yet to show a breakthrough in new demand. Trading fees have also remained stable, without recording growth similar to the periods of April and May.
How does market sentiment and Bitcoin's impact affect HYPE's price?
Subdued market sentiment, along with Bitcoin not exceeding the 122.8 thousand USD mark, causes HYPE's price to lack the momentum to form a strong uptrend.
Data from CryptoQuant indicates that the spot market for HYPE has been dominated by selling pressure since the end of June, reflected in the Spot Taker CVD indicator recording a Taker Sell Dominant phase. This means that the sell orders dominate, preventing the HYPE price from surpassing the supply zone of 45-50 USD. Over the past week, HYPE has decreased by 8.4%, reflecting a temporary advantage for the sellers.
"The market's stagnation and hesitant atmosphere cause many capital flows to remain on the sidelines, making it difficult for altcoin tokens to establish a clear upward trend."
– CryptoQuant Market Report, July 2024
What is the current market structure of HYPE, and does it still signal growth?
The HYPE market on the daily frame still retains a growth structure by continuously creating higher lows since May but lacks clear upward price-driving momentum.
On the daily chart, despite some corrections and short-term breaks internally, HYPE still maintains a bullish swing structure since the strong recovery in May. However, the DMI indicator shows a lack of supporting trend strength, accurately reflecting the current state of indecision. If Bitcoin or the entire market shows strong reversal signals, capital flows may return to HYPE and DEXs in general.
"The altcoin market heavily depends on trend-setting movements from Bitcoin; any upward signals from BTC often create a ripple effect across the entire decentralized trading ecosystem."
– Dune Analytics Report, July 2024
When can HYPE reverse its short-term downtrend?
The short-term downtrend of HYPE can only change if investor sentiment improves, Bitcoin breaks previous highs, and new capital flows back into altcoins.
The fact that HYPE maintains a growth structure but lacks strong buying pressure indicates that investors are still waiting for confirmation signals from Bitcoin or the overall market. If there is significant growth in new users, trading volumes, or positive reactions after Bitcoin's price fluctuations, HYPE's trend may have a chance for sustainable recovery.
What factors should be monitored with Hyperliquid and HYPE in the near future?
Investors need to monitor market sentiment fluctuations, Bitcoin price movements, trading volumes, and altcoin capital flows to evaluate HYPE's recovery potential.
Major data sources such as CryptoQuant, Dune Analytics, and DefiLlama emphasize: the key factor is new capital flow and overall market sentiment. A next growth cycle for Bitcoin could provide the momentum needed for DEXs like Hyperliquid to break through again.
Frequently Asked Questions
What has been the recent trading performance of Hyperliquid DEX?
The trading volume has remained stable over the past two months but shows no signs of a surge in new users or trading fees, indicating that the market is cautious.
Why is it difficult for HYPE's price to surpass the supply zone of 45-50 USD?
Selling pressure dominates the spot market, coupled with hesitant market sentiment and Bitcoin not establishing a clear upward trend, causing HYPE's price to be hindered at this range.
Does HYPE still maintain a growth structure?
HYPE still maintains a growth structure with higher lows and highs on the daily chart, but lacks clear trend strength due to capital flows not breaking through.
What factors should investors pay attention to when evaluating HYPE's trend?
It is necessary to monitor Bitcoin's price movements, altcoin capital flows, changes in market sentiment, and new user growth to identify HYPE's recovery opportunities.
When can HYPE reverse back to an uptrend?
When the market shows strong reversal signals for Bitcoin, new capital flows back in, and market sentiment becomes more positive, HYPE has a chance for sustainable recovery.
Source: https://tintucbitcoin.com/bitcoin-quyet-dinh-huong-di-hyperliquid/
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