Hyperliquid Resumes Its Descent Below $35.50

The Hyperliquid (HYPE) price has lost its critical support at $35.18, as bears pushed it below this level.

Hyperliquid price long-term analysis: bearish

In recent price action, HYPE fell to a low of $31 but recovered above the $35 support on October 10.

Today, the bears have breached the $35 support level, indicating that the downturn has resumed. Furthermore, price indicators suggest the cryptocurrency will continue to decline. On October 6, a retraced candle body retested the 38.2% Fibonacci retracement level, as Coinidol.com reported. This retracement suggests HYPE will fall to the 2.618 Fibonacci extension, or the $6.02 low. Currently, the cryptocurrency has dropped to a low of $31.84 at the time of writing.

Technical Indicators: 

Hyperliquid price indicator analysis

On the weekly chart, the price bars are below the upward-sloping moving average lines. The cryptocurrency is falling towards the bottom of the chart. On the 4-hour chart, the moving average lines slope downwards, with price bars below them. The 21-day SMA is below the 50-day SMA, indicating a downtrend.

What is the next direction for Hyperliquid?

HYPE has resumed its decline, breaching the critical support level of $35. On the 4-hour chart, the cryptocurrency fell to a low of $32 before recovering. Bullish momentum was halted at the $34 high, prompting the cryptocurrency to resume its decline.

Today, the bears have broken below the $32 support as the cryptocurrency continues to fall.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.