What to know:
- HYPE has broken above a key resistance near $37.40, flipping it into support
- Technical structure suggests a potential move toward the $42 level
- Momentum indicators show strengthening bullish continuation signals
Hyperliquid (HYPE) is currently experiencing an increase in bullish momentum as evidenced by price action exiting a previous key resistance zone.
Hyperliquid is also a DeFi trading protocol that has seen relative popularity recently due to the increase in the volume traded on exchanges and because of its strong technical structure. At press time, the coin is trading at around $39 with an increase of approximately 1–2% over the past 24 hours.
Also Read: HYPE Price Targets $40 as Hyperliquid’s RWA Market Reaches New Highs
Chart Signals Strength Above Key Support
At press time, the coin is trading at around $39 with an increase of approximately 1–2% over the past 24 hours. The Hyperliquid daily chart shows the coin has come out of a long-term downtrend and has created an increasing sequence of higher highs and higher lows.
This indicates the possible start of a turn in market structure/trend direction. Price is currently consolidating just under the previous resistance level of $40.60. If the price breaks above this level, it will give it a pathway to $42.
The MACD indicator is giving off signs of decreasing bearish momentum, as shown by the histogram bars becoming lighter and the potential for a bullish crossover about to form in the MACD.
The RSI is hanging around 59, which shows momentum is building to the upside without being overextended on the RSI.
Also Read: HYPE Price Consolidates While Volume Drops Further Target $38.4 Key Level
Analyst Insight Highlights Breakout Potential
Crypto currency analyst Ali Charts has indicated that Hyperliquid Coin has broken the downward trend of a series of declining channels. This break from the downward trend signals a possible reversal in the current trend direction of the asset.
Reclaiming the $37.40 level of support is very important because it represents a shift in structural support for the coin; therefore, what was once viewed as resistance will now become a very solid base from which to build an upward trend.
In addition to the key technical aspects, Ali notes that with an increase in volume from buying pressure coupled with completed price patterns, prices may push towards a target price of approximately 42.00, which would equate to about a 12% increase from the breakout area.
His analysis also suggests that increased trading volume across the entire space indicates that investors are becoming more interested in this market.
Hype Coin is positioned very well technically with the indicator(s) and price structure in concurrence for a potential upward movement.
If the price can stay above the $37.40 support level and break through the $40.60 resistance level, there is a strong likelihood of moving toward $42 in the near future.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Hyperliquid (HYPE) Bulls Defend Critical Support as $40 Target Emerges
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