The price of Hyperliquid (HYPE) has fallen below the $50 mark in a sideways trend.
Hyperliquid price long-term analysis: ranging
The cryptocurrency has been trading above the $40 support and below the $50 resistance level. Today, the price of the cryptocurrency fell below the moving average lines.
On the downside, HYPE will test its previous low of $40. If the cryptocurrency price remains above the $40 support level, it will continue its uptrend. The altcoin will continue its move above the $40 support but below the $50 barrier. If the $40 support is broken, HYPE will fall to a low of $36. HYPE is trading at $43.50 at the time of writing.
HYPE price indicators analysis
On the daily chart, the price bars are below the upward moving average lines. The price bars on the 4-hour chart are below the horizontal moving average lines. The 21-day SMA is above the 50-day SMA on both charts, suggesting that the altcoin’s uptrend will continue.
Technical Indicators:
Key Resistance Levels – $60 and $70
Key Support Levels – $40 and $30
What is the next direction for Hyperliquid?
The HYPE price has continued to move sideways, but has fallen below the moving average lines. Selling pressure is expected to reach a low of $42, or $40. If the altcoin retraces and stays above its previous low of $40, it will resume its uptrend.
Last week HYPE was rising, although it was trading sideways after reaching a high of $49.83, as CoinIdol.com wrote in the price analysis.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/hyperliquid-trending-sideways/
