Is the HYPE Set to Make a Comeback and Smash Through $20 ?

After reaching a record high of $35 in December, the HYPE token experienced a sharp decline. However, signs of a turnaround are emerging today.

Written by Gaston Cuny

Translated on April 22, 2025 at 10:32 by Sarah

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The Path to a Major Comeback with a Bullish Signal

While the cryptocurrency market has been experiencing a difficult period since the beginning of the year, one particular coin seems to be standing out: Hyperliquid (HYPE). The token is showing strong bullish signals, indicating a potential major comeback in the coming weeks.

After reaching its all-time high of $35.02 on December 21 last year, the price of HYPE entered a downtrend, forming a technical pattern called a “falling wedge.” However, things seem to be changing today.

The token is currently on the verge of breaking out of this pattern, crossing key moving averages such as the 20-day exponential moving average, the 9-day simple moving average, and the 50-day simple moving average. Additionally, the RSI is currently at 63.51, indicating that the bullish momentum is picking up.

A Key Level to Watch Closely for HYPE

If HYPE manages to stay above the $18 threshold, the next major target is the psychological level of $20. This is a zone that has served as support several times between January and February before the price retreated in early March.

Once this $20 level is breached, the next resistance level would be around $26, where the upper trendline of the falling wedge formation meets the local low formed in mid-February.

If the breakout of the falling wedge is confirmed, with a sustained hold above $18 on significant volumes, a longer-term target of $35 then becomes conceivable – a return to the all-time high.

A Bearish Scenario Not to Overlook

Of course, the bullish scenario would only be invalidated if HYPE fails to maintain itself above the $18 support zone, especially on high selling volumes. A drop below the 50-day simple moving average and the 20-day exponential moving average could pave the way for a retest of $17.30, or even a return to the bottom of the falling wedge, around $12-13.

But considering the current technical signals, everything indicates that the HYPE token is indeed on the path to a major comeback, with this bullish signal around $20 as a key milestone to watch in the coming weeks.

Buy HYPE on Bitget !

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Gaston Cuny

Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.

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