Correction to $30 or a pump to $50: what’s next for HYPE?
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Hyperliquid (HYPE) has posted an evident recovery throughout April, with its price climbing by 7% since the beginning of the month.
However, one popular analyst warned that the upswing could soon reverse into a double-digit pullback.
Prepare for a Slump?
Over the past few days, HYPE has consolidated around $40, while its market capitalization stands just south of $10 billion. This makes it the 13th-largest cryptocurrency, but according to Ali Martinez, things may change for the worse in the short term. He argued that HYPE has broken out of a rising wedge: a pattern that signals a correction toward $31, or a 22% decline from the current levels.
Another analyst who recently weighed in on the asset’s performance is the X user Ted. Several days ago, he assumed that “big clusters are forming to the downside,” adding that this could result in a short-lived surge to $42-$46, but after that, “the max pain is dump, not pump.”
It is important to note that earlier this week, Hyperliquid’s native token briefly climbed into that range before heading south, so it remains to be seen whether the rest of Ted’s outlook proves accurate.
HYPE’s Relative Strength Index (RSI) reinforces the bearish scenario. The technical analysis tool runs from 0 to 100, where anything above 70 signals that the price has soared too much, too quickly, and could be a precursor to a correction. On the contrary, readings below 30 are interpreted as buying opportunities. As of this writing, the RSI stands at around 75.
- HYPE RSI, Source: RSI Hunter
How About a Further Rally?
In the meantime, some analysts think that HYPE is poised for much more significant gains soon. The trader, using the X moniker Crypto King, told their nearly 900,000 followers that the price may surpass $50 sometime next month.
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“HYPE is respecting every level on this move up. The chart shows a clean stair-step structure with three successful support retests. Each bounce leads to a strong push higher. We’re now sitting on the third retest, looking for a move toward $50,” their analysis reads.
The coin’s recent exchange netflow stands as a clear bullish factor. Data shows that over the past few days, outflows have exceeded inflows, indicating that investors have abandoned centralized platforms and shifted to self-custody methods. This, in turn, reduces immediate selling pressure.
- HYPE Exchange Netflow, Source: CoinGlass
Source: https://cryptopotato.com/hyperliquid-hype-at-risk-heres-why-the-price-may-plunge-by-22/