A New Historic Peak for HYPE
Although Hyperliquid [HYPE] recently experienced a decrease in trading volume accompanied by a momentum divergence, it does not necessarily signal the end of its frenetic run. The crypto market is buzzing, and HYPE seems poised to continue its ascent despite a potential temporary pullback.
Indeed, Hyperliquid has reached a new all-time high at $44, an unprecedented level reflecting a massive influx of whales and an increase in open positions. The data from the 90-day Closing Volume (CVD) indicator shows a clear buyers’ dominance, an encouraging sign for the continuation of the uptrend.
However, with the ongoing decline in Bitcoin, it is quite normal for HYPE to also undergo consolidation. The divergence observed on the 3-day chart reinforces the likelihood of a deeper short-term correction. Yet, the sustained demand in recent months suggests that this correction should not last long or be too significant.
A Strong Bullish Structure
Analysis of the 3-day chart clearly shows a bullish momentum for Hyperliquid. Breaking above the January peak at $27.2 signals its intention to continue its upward trajectory. Over the past month, this level has been successfully tested as a demand zone, allowing HYPE to climb an additional 48% in 24 days.
While the volume has decreased in recent weeks, which could indicate fatigue in a bull market, HYPE may be poised for consolidation in the weeks ahead. However, its technical structure remains solid, hinting at new upward opportunities.
Indeed, the Woodies CCI is still strongly positive, indicating no loss of momentum for HYPE at the moment. With a target between $48 and $52, HYPE could rebound by over 30% in the coming days or weeks if BTC manages to rally.
Identified Supports on the 4-Hour Chart
On a shorter-term horizon, the 4-hour chart shows that the correction is already underway. Although the market structure remains clearly bullish, the momentum has weakened to a more neutral level, as indicated by the RSI. The OBV does not yet reveal excessive selling pressure.
Fibonacci retracement levels identify potential support zones at $33 (which corresponds to the POC, hence a strong support) and $35 (Ichimoku cloud) in the coming days. However, a further decline in Bitcoin below $102,000 could lead to a more pronounced correction in HYPE’s prices.
But HYPE could well bounce off its current support at $37. It is currently trading at $38.82 and showing signs of resilience amidst the reactions of other altcoins.
In conclusion, while a short-term retreat is possible, the bullish outlook for Hyperliquid remains strong. Its upward momentum appears far from waning, and savvy investors will surely keep a close eye on the next developments of this gem in the cryptosphere.
How to Buy HYPE on Bitget
- Create your account: Sign up on Bitget via their website or mobile app to explore HYPE.
- Complete your KYC: Perform KYC verification to start trading.
- Deposit funds: Add fiat currencies (EUR) or cryptos (USDT, BTC) to your wallet.
- Buy the token: Go to the “Spot Market” section, search for the HYPE/USDT pair (if available), and place an order at the current price of $38.30. Use a limit order to secure a specific price or a market order for immediate execution.
