beincrypto.com
Hyperliquid’s native crypto token $HYPE has recently experienced a significant 40% price decline. However, the altcoin is showing signs of recovery.
Traders have become increasingly bullish on $HYPE, with many believing it can regain the losses sustained in the recent downturn. This renewed confidence, supported by positive market movements, has sparked hopes of a price rebound.
Hyperliquid Finds Strong Support
Over the past 24 hours, the Open Interest for Hyperliquid has risen by $44 million, bringing the total to $428 million. This increase follows a recent uptick in price, which added momentum to the ongoing recovery.
The growth in Open Interest suggests that traders are becoming more confident in $HYPE’s potential for a price rise. This influx of interest has fueled optimism among investors and traders alike, with many viewing this as a sign of further upside.
As a result, there is a renewed sense of enthusiasm among $HYPE enthusiasts, who believe the altcoin is well-positioned to reclaim lost value. This positive sentiment could contribute to continued price growth, particularly as market conditions remain favorable for a recovery.
The overall macro momentum of Hyperliquid has shown significant improvement in recent days. Key technical indicators, such as the Moving Average Convergence Divergence (MACD), reflect a shift from a bearish to a bullish trend this week.
This change marks the end of a month-long bearish crossover and signals the potential for further upward momentum.
As the bullish momentum rises, it provides $HYPE with the room needed to continue its recovery. The shift in the MACD reflects a positive shift in market sentiment, suggesting that the altcoin may be in a stronger position moving forward.
$HYPE Price Faces Barrier
$HYPE’s price is currently trading at $16.10, up by 14% over the last 24 hours. The altcoin is just under the $16.50 resistance level, having already recovered about half of its recent 40% decline. This price movement shows that Hyperliquid has significant upside potential.
Given the current momentum, there is a possibility that $HYPE will breach the $16.50 barrier and continue its upward trajectory. If this occurs, the altcoin could move toward $19.16, potentially reaching $20.00 in the near future.
However, if the $16.50 resistance level proves too strong, $HYPE may struggle to maintain its upward momentum. In this case, the price could fall back to $13.44, invalidating the bullish outlook and erasing recent gains.