Hyperliquid (HYPE) Eyes $35 Upside as Downtrend Weakens Near Long-Term Support

For the last few months, HYPE has been under significant selling pressure, forming a series of lower highs and lower lows. However, more recent candles imply that the downside momentum may be waning and that there is potential for HYPE to consolidate above an important historical support area. At press time, the coin is trading at $26.88  with an increase of 0.1% over the past 24 hours.

Momentum Signals Hint at Seller Fatigue

According to the TradingView chart, HYPE has been moving down inside a downward-sloping channel since Q3, and recently, it bounced off support at the $24.50-$25.00 zone. Now appears to be trying to regain the $26.80-$27.00 range, which is currently a major horizontal support/resistance level in the short term.

Momentum indicators have shown early signs of positive momentum; for example, MACD has flipped to positive for the first time in weeks while RSI is slowly moving toward the neutral 50 level. A daily close above the descending trend line would demonstrate continued structural strength.

The $33-$35 zone remains a large overhead resistance zone, as identified on the chart, thus this would be a key area for potentially further price movement if price can break out above $27.50 and trend line resistance.

Source: TradingView

Also Read: Bitwise ETF Filing Sparks HYPE Rally Potential Amid Market Correction

Social Media Posts Reinforce Key Technical Levels

Providing additional background information about the market, the recent update on X by the user named Crypto Bull demonstrates that, if the structural conditions improve, $35 will be a key level for potential upside moves. Because the market commentary has indicated that this level is a very important area.

In conclusion, Completion of the transition phase is what we have at this time for HYPE instead of a definitive trend change. Therefore, it is critical that it maintains above its previous support area of $25.

Additionally, it would need to successfully reclaim the former resistance level to reach sustainable, continued higher target prices. If it fails at this, then the coin remains at risk of declining.

Also Read: Hyperliquid (HYPE) Eyes $26.5 as Whale Accumulation Fuels Speculation