Hyperliquid draws Kraken parent’s interest – But HYPE’s $75 floor faces THIS
The HYPE token price action has been bearish in recent weeks and a drop below $75 would be a stern warning of a trend shift.
Parent company of crypto exchange Kraken, Payward, announced its intention to be the first Commodities Futures Trading Commission (CFTC)-regulated deployer on HIP-3 markets.
Payward will use Hyperliquid [HYPE] as the infrastructure layer to deploy perpetual futures markets for U.S. clients, Hyperliquid wrote in a post on X. At press time, this arrangement is subject to regulatory approval.
Bitnomial, Payward’s CFTC-regulated designated contract market (DCM) and derivatives clearing organization (DCO) would create, own, and administer the markets while handling contract clearing and settlement.
The proposed deployment will use HIP-3. This extension of the HIP-3* framework introduces optional deployer configuration of permissioned markets, the update read, and activation involve an onchain allowlist managed by the deployer.
HYPE prices test 100-day moving average
In the past 24 hours, HYPE was up 0.63%, but its short-term gains were largely in line with Bitcoin [BTC] and also the rest of the altcoin market.
HYPE bulls have enjoyed a bullish trend for most of this year, but the trend on the daily timeframe was facing a serious threat. In recent days, the token prices fell to a local low of $74.5.
The 100-day moving average at $75.61, as well as the bullish structure’s anchor at $75.17, were under siege. A daily session close below either level would be a warning sign of a bearish trend shift.
Despite the price correction over the past five weeks, the selling pressure was not overwhelming, according to the OBV. The volume indicator remained close to the yearly highs, while trading volume shrunk in recent weeks.
The lack of severe selling volume was the one saving grace in the otherwise-bearish momentum the DEX altcoin has displayed since September.
The precarious short-term Hyperliquid price trends
The structure on the 4-hour chart was bearish, but the price has found the $74-$76 area to be a steady demand zone for now. HYPE has been below the 50 and 100-period moving averages on this timeframe for most of October.
A bearish continuation appears likely, especially upon a daily session close below $75.17. To recover a bullish spark, the H4 price action needs to reclaim the 100-period moving average on the back of steady demand.
Final Summary
- Parent company of crypto exchange Kraken, Payward, intends to use Hyperliquid as the underlying infrastructure layer to bring regulated onchain perpetual futures to U.S. clients.
- The HYPE token price action has been bearish in recent weeks and a drop below $75 would be a stern warning of a trend shift.
