Date: Mon, June 02, 2025 | 06:52 PM GMT
The cryptocurrency market has staged an impressive rebound this quarter, with Ethereum (ETH) leading the charge. After climbing over 40% in Q2, ETH is now trading above $2,500, having recently touched a high of $2,700 — a level last seen in February. This renewed momentum is sparking fresh interest across altcoins , including the rising star Hyperliquid (HYPE).
HYPE has posted an eye-catching 200% gain over the last 60 days. Now, a key breakout pattern on the chart could be signaling that a rebound from its recent weekly drop is already underway.
Source: Coinmarketcap
Descending Broadening Wedge Breakout
HYPE is experiencing a noticeable surge in momentum today after breaking out of a Descending Broadening Wedge pattern on the 1-hour chart — a bullish technical formation known for signaling potential reversals.
This wedge had been developing since HYPE’s sharp rejection from the May 26 high of $40.00, which triggered a correction. Prices gradually declined by over 20%, finding strong support around $30.59, the wedge’s lower boundary. Over the next few days, the price bounced within the widening structure, creating a textbook example of the pattern.
Hyperliquid (HYPE) 1H Chart/Coinsprobe (Source: Tradingview)
Today, bulls pushed HYPE above the upper resistance trendline of the wedge at $33.80, confirming a breakout and reigniting bullish sentiment.
What’s Next for HYPE?
Following the breakout, HYPE is currently trading around $34.50. A short-term retest of the breakout trendline could occur before further continuation, but if buying pressure remains steady, technical analysis suggests the next major upside target is near $43.21 — roughly a 25% potential gain from current levels.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
