HYPE has climbed 3.9% over the past 24 hours to $56.78 as Hyperliquid pursues a regulated route into the US derivatives market while trading activity and demand tied to its HIP-3 markets remain elevated.

The Information reported on August 12 that Hyperliquid is seeking a framework under which regulated US firms could offer perpetual futures that trade and settle through its public blockchain, with the project engaging both the Commodity Futures Trading Commission and the Securities and Exchange Commission.

Rather than opening its existing decentralized trading platform directly to US users, who are currently restricted from accessing it, Hyperliquid is reportedly exploring no-action letters, regulatory guidance, or another structure that could allow regulated companies to use its infrastructure.

The talks do not mean Hyperliquid has received approval to launch its perpetual futures platform in the US. 

The Information's report instead puts the focus on whether regulated firms could eventually connect to Hyperliquid's blockchain under existing US derivatives rules.

Recent regulatory developments have given the proposal some precedent.

Earlier this year, the CFTC allowed the first regulated perpetual futures products in the country, while Kalshi received clearance in May to offer perpetual-style contracts within the US derivatives framework.

At the same time, Hyperliquid's regulatory push comes as its derivatives business is recording high levels of activity.

HIP-3 has accounted for an increasing portion of that activity.

The framework allows outside builders to deploy perpetual markets after meeting requirements that include staking 500,000 HYPE, opening Hyperliquid's infrastructure to contracts linked to stocks, commodities, and other assets outside conventional crypto perpetuals.

As more HIP-3 markets launch, the staking requirement can lock additional tokens while increasing demand from builders seeking to use Hyperliquid’s infrastructure.

HYPE buybacks have also provided another source of consistent demand. 

Hyperliquid uses a large portion of protocol revenue to purchase HYPE through its Assistance Fund, with reports estimating that roughly $141 million of $169 million in second-quarter revenue was used for token buybacks.

On the daily HYPE/USDT chart, HYPE was trading around $56.89 on August 13 after recovering from an early-August low near $52. 

HYPE/USDT 1-day price chart. Source: TradingView.

The latest move has brought the price back into an important cluster of exponential moving averages, where the next few daily closes could determine whether the recovery develops into a larger move.

The daily chart's 20-day EMA sits at approximately $56.17, while the 100-day EMA is near $56.64. 

HYPE has moved above both levels, putting the token back above two averages that had recently acted around the upper end of its consolidation.

The 50-day EMA presents the next key level at roughly $58.38.

HYPE remains below that average, and a daily close above $58.38 would place price above the 20-day, 50-day, and 100-day EMAs at the same time. 

Based on the chart structure, clearing that area would also take HYPE beyond much of the range that has contained price since late July.

The EMA structure has not fully turned bullish yet. The 20-day EMA remains below the 50-day EMA, while price has only recently reclaimed the 100-day average. 

Failure to hold the $56.17 to $56.64 EMA area would therefore put the current breakout attempt under pressure.

Further down, the 200-day EMA stands near $50.88.

HYPE remained comfortably above that long-term average at the time of the chart, with the early-August decline stopping around $52 before buyers pushed price back toward $57.

The daily volume profile adds another layer to the support structure. A large concentration of historical trading activity is visible around the $40 to $45 region, with particularly heavy volume around $41. 

While that zone sits well below the current market price, it shows where a substantial amount of previous trading took place during HYPE's March-to-May consolidation.

The short-term chart is testing a more immediate breakout point.

On the 4-hour chart, HYPE has reached the upper Bollinger Band at approximately $56.96 after moving above the band's middle line at $55.29. The lower band sits around $53.61.

See below:

HYPE/USDT 4-hour price chart. Source: TradingView.

A sustained 4-hour break above the $56.96 upper band, followed by price holding above it or the band expanding higher, would support an acceleration in the current move. 

A rejection would instead put the Bollinger midpoint around $55.29 back into focus, with $53.61 forming the next dynamic support if selling pressure increases.

ADX provides an important qualification to the 4-hour move. The indicator stands at only 17.82, despite turning higher from its recent low. 

An ADX reading below 20 shows that the current trend remains weak, meaning the price advance has not yet developed the strength normally associated with a decisive directional move.

For HYPE, the combination makes the $56.96 to $58.38 region the immediate area to watch. 

The first level comes from the 4-hour upper Bollinger Band, while the second is the daily 50-day EMA. 

A move through both would remove two separate technical barriers and put the previous price structure around $60 to $62 back into play.

On the downside, the daily 20-day and 100-day EMAs around $56.17 and $56.64 form the first support cluster. 

Below them, the 4-hour Bollinger midpoint at $55.29 and lower band near $53.61 provide additional levels before the early-August low around $52 and the daily 200-day EMA at $50.88.

For the current advance to develop into a stronger breakout, the 4-hour ADX would need to rise alongside price rather than leave HYPE pushing through resistance with weak trend strength. 

The latest chart showed ADX beginning to turn upward at 17.82 as HYPE tested the upper Bollinger Band near $56.96.

The post Hyperliquid’s US push is gaining attention: can HYPE break above $58? appeared first on Invezz

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