What to know:
- HYPE holds key support near $52 after recent declines.
- An institutional purchase reportedly added $11.17M in buying interest.
- Bulls could target $66 and potentially $70 if HYPE breaks $58.57.
Hyperliquid (HYPE ) price is currently hovering around a major support region following a reported institutional buy of $11.17 million worth of the coin.
The move came as HYPE attempted to stabilize itself after dropping significantly and now raises questions among traders if new accumulation will help recover its losses in July. At press time, HYPE is trading at $55.23, marking gains of 0.11% on the daily candlestick.
Also Read: HYPE Price Eyes $100 as Whale Withdraws $10.69M From Coinbase
Support for HYPE at $52 as Buyers Enter the Scene
According to TradingView, the technicals indicate that the token faces some selling pressure because HYPE trades below its 20-day EMA at $56.17, 50-day EMA at $58.57, and 100-day EMA at $56.68.
There is, however, a bullish piece of information. HYPE continues to trade above its 200-day EMA at $51.29, while the level of $52.26 has lately acted as support. Should the buyers manage to push HYPE above $56.17 and then $58.57, the next significant resistance will be at $65.90. The RSI indicator provides a bit of optimism too. TradingView shows that the 14-day RSI stands at 44.80.
$11.17M HYPE Buy Provides Reason for Bulls to Pay Attention
The trigger is an X post from Ted Pillows, who pointed out that there was an institutional buy of $11.17 million worth of HYPE. He stated that this indicates that dips are being bought.
“Good to see dips getting bought.“
This does not necessarily mean that a bullish movement will take place, but it adds an intriguing dynamic to the consolidation phase currently ongoing.
Also Read: HYPE Price Eyes $100 Rally as Hyperliquid’s Deflationary Burn Strengthens
CoinGlass Data Reveals a Tentative Trend
Further derivatives data from CoinGlass provides something else for traders to monitor. The open interest of HYPE is currently around the $2.3 billion mark after declining considerably from its levels in June.
On the other hand, the CoinGlass volume graph shows that trade volume remains high, and liquidations have slowed down since the very sharp spikes witnessed in HYPE’s previous sell-offs.
This trend is not necessarily bearish, but it indicates that the market is moving from being forced to sell into consolidation.
Price Prediction Of HYPE: Will It Go Up To $66?
Based on the price prediction from Coincodex, HYPE will have a minimum price of about $41.01, an average price of $45.50, and a maximum of $55.21 during August, but the technical structure can be used to make a profit if HYPE recaptures $58.57.
In our bull case, we have set our eyes at the $65.90-$66 range, which may go up to $70 if HYPE crosses resistance with good volume, while the bulls must hold $52.
Also Read: HYPE Price Eyes $75 Rally as Key Support Holds, DeFi Volume Surges
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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