The price of Hyperliquid (HYPE) is rising as it attempts to break the previous high and maintain its uptrend.
Hyperliquid price long-term analysis: bullish
The altcoin previously fell below the moving average lines to a low of $35 before the bulls bought the dips. The cryptocurrency rebounded and rose above the moving average lines, to reach its previous high of $49.50. Buyers pushed the altcoin to its previous high but were unable to sustain it above $50. The bullish momentum has stalled below $50 for the second time in 48 hours.
HYPE’s price will rise to $54 if the current barrier is broken. However, if buyers fail to break the resistance at $50, the altcoin will crash and be forced to trade sideways. HYPE is currently trading at $46.94.
HYPE price indicators analysis
The price bars have risen above the horizontal moving average lines, and have resumed their upward trend. The uptrend was resisted at the last high. There are candlestick wicks pointing to the $50 mark. The altcoin is under heavy selling pressure at its high of $50. On the 4-hour chart, the price bars are between the upward moving average lines.
Technical Indicators:
Key Resistance Levels – $60 and $70
Key Support Levels – $40 and $30
What is the next move for HYPE?
The HYPE price has recovered, with the upward correction reaching its previous high at $49.50. The cryptocurrency has tested the $50 resistance zone twice, breaking through the overhead obstacle.
On the 4-hour chart, the altcoin was rejected after falling below the 21-day SMA support. The selling pressure will continue as the altcoin loses its 21-day SMA support.
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-price-teeters/