invezz.com 
The rebound is being supported by improving derivatives positioning and a broadly constructive technical structure, suggesting potential for a short-term recovery.
The technical indicators remain bearish but are no longer in the oversold region, indicating that the bears are slowly losing control.
Derivatives data points to growing bullish bias
Market data from CoinGlass indicates a shift in trader sentiment toward the upside.
According to CoinGlass, $HYPE’s funding rate turned positive at 0.006%, meaning long positions are paying shorts.
This typically reflects bullish sentiment in perpetual futures markets.
The long-to-short ratio climbed to 1.09, nearing its monthly high.
This suggests traders are increasingly positioning for continued upside momentum.
The futures Open Interest (OI) also stands at $2.37 billion, up from the $2.22 billion recorded on Wednesday.
Spot ETF data from CoinGlass shows renewed investor interest.
$HYPE spot ETFs recorded $2.78 million in net inflows on Wednesday, marking the second positive inflow day of the week
If inflows continue, they could provide additional demand support for price stability and recovery.
Despite bullish derivatives signals, CryptoQuant data shows caution is still warranted.
Spot and futures markets are showing signs of overheating, while other indicators remain neutral
This suggests that while momentum is improving, upside may be limited in the short term due to stretched positioning.
$HYPE price outlook: Bulls look to recapture key EMAs
The $HYPE/USD 4-hour chart is bearish and efficient as the broader crypto market sentiment remains weak.
At press time, $HYPE is trading at $56.20, maintaining a constructive technical structure while consolidating above key exponential moving averages (EMAs):
The key EMAs continue to act as a layered support structure, indicating that dips are being absorbed within the broader uptrend.
Technical indicators suggest consolidation rather than reversal. The RSI at 46 (neutral territory) indicates a fading bearish narrative.
However, the MACD is still negative, reflecting short-term corrective pressure. This points to a pause in momentum rather than a breakdown in trend structure.
If the market recovery persists, $HYPE could encounter the first resistance at $65.07, with another major hurdle at $74.54.
A daily close above $57.41 could strengthen bullish continuation signals.
On the flipside, if the bearish trend resumes, $HYPE could retest the immediate support at $53.47, which is also the 50-day EMA.
A decisive break below this level could expose $HYPE to lower demand zones around the 200-day EMA at $42.69.
Overall, Hyperliquid is showing early signs of recovery driven by improving derivatives sentiment and ETF inflows.
However, mixed on-chain signals and neutral momentum indicators suggest the market remains in a consolidation phase, with confirmation of a stronger uptrend requiring a decisive break above key resistance levels.
