HYPE Price Eyes $26.85 Break, Is Wave 4 Setting a Bottom?

Key Insights:

• HYPE rose 10.97% in 24 hours, trading near $23.32 with strong volume.
• Traders watch $23 closely as price tests resistance and targets $26.85 breakout confirmation.
• Analysts flag a 3-wave rebound, while a 5-wave rise could confirm reversal.

Hyperliquid (HYPE) traded near $23.32 on Friday after a strong rebound. Data shows a 11% rise in the last 24 hours. However, HYPE remains down 6.5% over the past seven days. The token also recorded $232,188,936 in 24-hour trading volume as activity picked up during the move.

The 4-hour chart shows HYPE climbing off a recent low, but price still trades below earlier swing highs. For that reason, traders continue to look for confirmation before calling a full trend change.

Wave Count Still Shows a 3-Wave Move

More Crypto Online described the bounce as “a 3-wave move to the upside so far.” This structure often fits a corrective move rather than a clean reversal. The analyst added that it “could represent wave 4,” which can form before another downside leg within a larger downtrend.

More Crypto Online also set a clear condition for a stronger shift. The analyst said a sustained upside reversal needs “5 waves to the upside.” Until that pattern appears, many traders may treat the move as unfinished.

HYPE Tests Resistance Around $23 on the 4H Chart

HYPE was trading near the $23 zone as buyers try to push through nearby resistance. Fibonacci levels highlight the main area of interest around $22.72, $23.48, and $24.26. These levels can act as selling zones during rebounds and may slow any follow-through.

Suraj Jha posted that HYPE “looks good here for a weekend pump” and said it is “trying to break 23$ in h4 timeframe.” A clean hold above $23 on the 4-hour chart would support the bullish case. If sellers keep rejecting the level, price may fall back into the prior range.

$26.85 Stays the Main Level for Confirmation

More Crypto Online flagged $26.85 as the key upside trigger. The analyst wrote that “a break above $26.85 would indicate that a low of sorts has formed.” If price reaches that area and clears it, traders may start treating the rebound as more than a short move.

Even then, the structure still matters. Traders will likely watch for a clearer five-wave advance before calling a sustained upside reversal.

Support Levels if the Move Fades

If HYPE drops below the $23 zone, the chart shows nearby support near $22.37. Below that, another support area sits around $21.30 to $21.80, where buyers stepped in during the last bounce.

If price breaks lower, traders may shift focus back to $18.50, which marks the wider support floor from the recent decline. For now, HYPE remains in recovery mode while traders watch resistance and key breakout levels.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.