After dipping below the $30 mark last week, Hyperliquid (HYPE), the native token of one of the rapidly expanding decentralized exchanges (DEXs), has managed to recover by 2% this Thursday, positioning itself to benefit from this latest upward movement that has seen the leading cryptocurrencies recover key levels.
HYPE Poised For A New Rebound
Market analyst OxMakeSense has highlighted the potential roadmap for HYPE to reach $50 in the short term, just below all-time high levels of $59, indicating that the token is starting to show the first signs of a significant shift. He emphasizes that the upcoming levels are filled with untouched liquidity, which could facilitate a climb for HYPE.
Following a month of pressure, the analyst asserted that the asset recently formed its first solid rebound, suggesting that the selling pressure has begun to ease and market reactions are gaining strength.
OxMakeSense identifies a crucial checkpoint for Hyperliquid in the $37–$38 price range, marking where the last breakdown occurred. If HYPE can reclaim this level, he suggested that it could lead to a squeeze of “trapped sellers.”
Additionally, surpassing the $38 threshold would open up the chart for a direct move toward the $41–$42 range, an area described as “thin” with little major resistance left from prior sell-offs.
Analyst Warns Of Potential Retracement To $25
In his social media analysis, OxMakeSense noted that the momentum pivot sits at a significant level of $44. He stated that strong trends typically begin by reclaiming mid-range levels like this one.
Should HYPE flip this resistance into support, it is expected to accelerate further. Above $44, HYPE would enter a clearer trajectory, with targets aligning at $48 and ultimately at $50, where a substantial amount of untouched liquidity resides.
However, not all analysts share the same bullish outlook. Fellow analyst Crypto TXG has expressed concerns regarding HYPE’s recent performance, pointing out that it lost the $35.8 level and found a temporary bottom near $28.5.
While HYPE has reversed the trend, it is currently testing the $35.8 mark from below, which acts as a barrier. If HYPE can break through this resistance, the next target would be $42.3. Conversely, if it fails at $35.8, another pullback could occur, potentially retesting the $28.5 support more decisively.
Adding to the cautious sentiment, market expert Ali Martinez has indicated that if the token retests the breakdown zone, there is a possibility it could revisit the $25 mark. This suggests that, despite the recent uptick, a short-term retracement of approximately 28% could be on the horizon.
Featured image from DALL-E, chart from TradingView.com
Source: https://www.newsbtc.com/news/hyperliquid-hype-ready-for-a-significant-surge-to-50-key-levels-identified/
