Hyperliquid (HYPE) is once again catching everyone's attention. With a series of impressive gains, investors are pondering: will the $18.50 threshold be surpassed in the coming days? Combining technical analysis and market frenzy, a breakdown of this potentially explosive scenario is essential.
Hyperliquid (HYPE) has just made a powerful rebound to return within its trading range after briefly deviating downwards. In this analysis, we will examine the key levels to watch and the price outlook if the positive momentum continues.
Source: Crypto News
Hyperliquid has recently shown strong signs of a bullish reversal after briefly dropping below its $9.34 support. With confirmed regained ground and a successful technical test of this level, the current price structure suggests higher prices are on the horizon. As long as this low is not breached, traders need to be attentive to this setup that continues to gain bullish momentum.
The deviation below $9.34 formed what is known as a “failed auction.” This indicates that sellers failed to push the market lower but instead found themselves trapped below this level. The return to the range was technically executed with a precise test of the $9.34 support. This aligns perfectly with the Fibonacci retracement level at 0.618, a zone highly respected by technical traders.
Source: TradingView
Following this pullback, two consecutive engulfing white candles confirmed a renewed positive momentum. They bring the prices back into the control zone where volumes were highest within this range, indicating market participants are returning with conviction.
Currently, price action is consolidating within the range, forming a textbook bullish flag or a shallow pullback. If this setup resolves to the upside, it could serve as a launchpad towards the next major resistance zone.
The next bullish target is at $18.50, at the range high and another Fibonacci resistance level at 0.618. As long as the $9.34 low holds, this structure remains firmly bullish. However, traders need to stay alert: a break below this level could challenge the positive scenario and trigger a bearish move.
For now, the bullish scenario remains valid. This setup offers a great opportunity for short-term swing traders, but only with proper confirmations. Wait for a break above the local resistance with good volume support before entering. Patience in this type of setup often leads to better entries and reduced risk exposure.
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