The price of Hyperliquid (HYPE) has resumed its upward trend after breaking through the $45 mark.
Hyperliquid price long-term analysis: bullish
Since June 10, as Coinidol.co wrote, the cryptocurrency has been trading above the moving average lines but below the $45.00 mark. The upward momentum overcame the barrier and reached a high of $49.83. Buyers were unable to keep the price above the $50 mark, which led to a decline. HYPE is currently in a small retracement above the $47 support. If the current pullback continues, the positive trend of the altcoin will resume. A breakout above $50 will catapult the altcoin to a high of $54. In the meantime, the altcoin has stopped between the $45 support and below the $50 high.
HYPE price indicators analysis
Given the current price rally, the price bars have continued to rise and have crossed the moving average lines.
However, during this period, the price bars slipped between the moving average lines on the 4-hour chart. The uptrend will resume when the price crosses above the 21-day SMA. In the meantime, the price bars are stabilising below the 21-day SMA level.
Technical Indicators:
Key Resistance Levels – $60 and $50
Key Support Levels – $30 and $20
What is the next move for HYPE price?
HYPE is now trading in the uptrend zone. There is a possibility that the altcoin will continue its uptrend after breaking above the 21-day SMA.
In the meantime, the price is oscillating below its previous high in anticipation of an uptrend. The market will continue to grow.
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-recovers/