- Hyperliquid has climbed over 8%, reaching $13.
- HYPE’s daily trading volume has surged by 47%.
A modest rebound in the crypto market has injected bullish sentiment, with Bitcoin and Ethereum attempting to overturn the downtrend. Meanwhile, Hyperliquid (HYPE) has outpaced the market, climbing over 8.78% and securing a spot among the top gainers.
The initial price of Hyperliquid was $12.43, which was a day’s low. Following the wave of bulls, the recovery of the asset took its price to the $13.77 level. The range of key resistance levels between $15.96 and $18.68 are to be tested in order to consolidate a strong bullish support.
As of writing, Hyperliquid had a price of around $13.68, while its market cap remained at $4.57 billion. Notably, the daily trading volume of the asset has increased by more than 47.79% to $73.46 million.
Can HYPE Break Out and Resume Its Uptrend?
Assuming the continuation of the downside pressure, HYPE could slip to $12.52. A strong bearish shift could push Hyperliquid’s price back to its previous lows around $11 with the risk of dipping even further.
If the downtrend reverses, the asset could see a surge in price, immediately testing the resistance at $14.07. The price could reinforce its upward correction, likely driving the asset beyond the $14.90 mark.
HYPE’s Moving Average Convergence Divergence (MACD) line is above the signal line with early signs of a recovery. Yet, as both lines are still below the zero line, the general momentum is within the bearish region.
Furthermore, the Bull Bear Power (BBP) indicator reading of 1.144 indicates that the bulls are in control presently within the market, with the possible upward momentum in the Hyperliquid price.
Hyperliquid’s daily relative strength index (RSI) positioned at 56.25, indicates that the asset is in neutral-to-positive territory. Besides, the short-term 9-day moving average is settled above the long-term 21-day moving average.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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