The price of Hyperliquid (HYPE) has fallen between the moving average lines after reaching the $50 resistance.
Hyperliquid price long-term analysis: bearish
The altcoin fell between the moving average lines but remained above the 50-day SMA or the $41 low. Today, the bearish momentum has ended and the altcoin has resumed its uptrend. If buyers keep the price above the 21-day SMA, HYPE will recover to its previous high of $50.
However, if HYPE falls below the 21-day SMA, it will remain in a limited range. The price of the altcoin will continue to move between the moving average lines or between $40 and $44. The altcoin will fall to $36 if it loses support from the 50-day SMA.
Hype price indicators analysis
HYPE is in a trading range as it is trapped between the moving average lines. The altcoin will initiate a trend reversal if either the 21-day or the 50-day SMA is breached.
On the daily chart, the moving average lines are rising, indicating an uptrend. The price bars lie between the downward moving average lines of the lower time frame.
Technical Indicators:
Key Resistance Levels – $60 and $70
Key Support Levels – $40 and $30
What is the next direction for Hyperliquid?
HYPE is recovering from its decline but remains trapped between the moving average lines. On the 4-hour chart, the upward correction has stalled at the $45 level.
Moreover, the price has been caught between the 21-day SMA support and the 50-day SMA barrier. The altcoin will resume its uptrend once it rises above the 50-day SMA on the lower timeframe.
The price of Hyperliquid was resuming th uptrend after breaking through the $45 mark, as reported by Coinidol.com previously.
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/hype-remains-threshold/