Hyperliquid (HYPE) at a Crossroads: $90 Breakout or $80 Breakdown?

• Hyperliquid is currently trading at around $84.
• HYPE’s baseline trend remains overall bullish.

The global crypto market cap is settled at $2.77 trillion, after a 1.2% loss. In line with this, Hyperliquid (HYPE) has posted a modest 1.6% drop in value over the last 24 hours. Moreover, the session’s range falls between $83.64 and $87.31. The asset could have tested key price ranges to confirm the current momentum. 

If the bears stay for a longer period, the price could see more downside. At the time of writing, Hyperliquid traded at around the $84.61 mark, with its market cap at $18.75 billion. Besides, the daily trading volume has reached the $1.164 billion zone, as per CoinGecko data. 

Zooming in on the recent price chart, there is a bearish trait within the pattern. The Hyperliquid momentum could drop to the support at $83.68 if the bears stay stronger. An extended, powerful downside correction might trigger the death cross to take place and send the price even lower, around $82. 

On the flip side, assuming Hyperliquid turns for a bullish reversal, the price could jump and find the nearest resistance within the $85 range. With the potential upside pressure strengthening, the golden cross could likely unfold and push the asset’s price upward, above the $86.12 level. 

Hyperliquid’s Technical Chart Points to a Weakening Trend

The technical analysis reports that the Moving Average Convergence Divergence line is below the signal line. Both lines remain above the zero line, signalling a bullish uptrend that is experiencing short-term weakening. The baseline trend of Hyperliquid remains overall bullish.

It reflects an established uptrend in the broader market structure, with the short-term momentum slowing down. When the MACD line crosses below its signal line, it creates a bearish crossover. Also, the price might be forming a flag pattern, consolidating sideways before resuming the broader upward trend.

Hyperliquid’s daily Relative Strength Index of 52.79 is in the neutral territory, with a subtle bias toward bullish momentum. It is in equilibrium, with neither buyers nor sellers exercising dominant control over the price. This is high enough to confirm strong momentum; it is either consolidating sideways before its next directional move. 

Price is moving within a horizontal range while the momentum decides on a direction. Following an active rally or sell-off, price is taking a breather to cool off before continuing the primary trend. If RSI recently crossed upward from below 50, it suggests momentum is slowly shifting from sellers to buyers.

Crypto Market Highlights

Zcash (ZEC) Jumps 19%: How Far Can This Move Actually Go?