HYPE’s Temporary Dip Preceding Potential surge Ahead of USDH Stablecoin Launch
HYPE’s upward momentum has paused, with the token now valued at $53.77.However,despite this slight dip of 7%,its market cap remains robust at $18 billion. Technical indicators suggest a potential climb towards $100.
The upcoming USDH stablecoin launch, partnered with Native Markets, stands to considerably bolster Hyperliquid (HYPE). This stablecoin, set for release in the near future, aims to compete strongly with established players like USDC and USDT, with an initial transaction cap of $800.
Circle, USDC’s creator, has expanded its reach by introducing native USDC and CCTP V2 on HyperEVM. Notably, Circle is now a stakeholder in Hyperliquid, marking the first HYPE investment.
Hyperliquid has secured a dominant position in perennial futures with over $336 billion processed within 30 days. the layer-1 protocol has seen its total value locked rise to $7.72 billion, up from $400 million. It now holds over $6.2 billion in stablecoins.
In terms of technical analysis, Hyperliquid’s price has shown impressive gains as April, going from $9.33 to a peak of $57 this month. After breaking above $50.27, the current retreat appears as a standard retest, supporting further growth. The $100 mark remains a probable next resistance level; a drop below $50.27 would imply a shift in trend.
