- HYPE has gained 5.90% in the last 24 hours, showing fresh bullish momentum.
- Weekly performance remains negative, down 20.30% amid prior selling pressure.
- A one-month return of 5.16% hints at improving longer-term sentiment.
- Technical indicators suggest upward targets between $39 and $40 if resistance breaks.
Hyperliquid (HYPE) is trading at $35.58 currently, a 5.90% increase in the last 24 hours. The cryptocurrency was successful in attracting a significant number of trades, with a 24-hour trade volume of $433.38 million and a market value of $11.88 billion.
While the one-day jump, the token remains 20.30% down on the weekly chart, owing to overall volatility and bearish trends during the last week. But its last one-month performance, gaining 5.16%, indicates a potential momentum flip.
Price action analysis reveals a sudden drop from the $45–46 region to a low of around $32. This selloff was underpinned by heavy selling, confirmed by lengthy red candlesticks and declining volume. However, bearish momentum faded a little around the period when the price was reaching the $32 zone of support.
Buyers increasingly intervened, and that formed higher lows along with a gradual increase towards the $36 region. This development lays the foundation for a breakout, although a very significant level around $36 needs to be cleared by bulls.
HYPE Technical Indicators Signal Bullish Shift Toward $40
The Bollinger Bands illustrate the price rebounding vigorously off the lower band at about $31.80 and advancing through the 20-SMA at $34.65.
Having broken back above its lower band, the price is currently edging closer to the upper band resistance at $37.49, and a breakout through it should pave the way towards the major upside target of $40, with secondary resistance at $39.
This movement suggests rising volatility and growing market interest as momentum shifts in favor of buyers. The Relative Strength Index (RSI) currently sits at 50.89, slightly above the neutral zone, reflecting improving strength and reducing downside pressure.
The Moving Average Convergence Divergence (MACD) lends additional strength to the bullish prognosis. A recent crossover of the MACD and signal lines portends initial bullish momentum, which is corroborated by a green histogram.
Even though the trend remains in its formative stage, the technical foundation suggests bulls are just starting to assert themselves and could drive prices towards the $40 mark in the immediate term.
HYPE Market Outlook: Optimism Above Support
The technical landscape reflects a market that has absorbed recent losses and is attempting a shift in direction. As long as the price holds above the $34.60–$35 support zone, the upward trend may continue.
A successful breakout above $37.50 would pave the way for further targets around the $40 region. But a failure to cross above the present resistance could invite a pullback towards $33. Market participants would be keenly interested in observing the strength of the present rebound during the coming sessions.
Related Reading | HYPE Price Eyes $47 Target Amid Strong Weekly Bullish Momentum
