Hyperliquid (HYPE) fell nearly 12% in 24 hours to test key support at $32, trading at $33.47 with a market cap of $10.1 billion. Despite the decline, a breakout above its long-term trendline suggests a potential bullish reversal, with indicators like the RSI and MACD showing improving momentum. Analysts note the $32 level as critical support, with potential recovery targets at $40 and $50 if buying pressure sustains.
Hyperliquid (HYPE) experienced an 11.93% price drop over the past day, testing critical support at $32. According to CoinMarketCap, the token currently trades at $33.47 with a 24-hour volume of $1.02 billion and a market capitalization of $10.11 billion.
The decline follows weeks of fluctuating market momentum. Analyst Whale Facter noted that despite the dip, rising market participation and sustained support near $32 indicate potential for recovery.
HYPE recently broke above its long-term downtrend line, surging from approximately $24 to $36.20. This breakout suggests strong bullish momentum and possible whale accumulation.
The key near-term support level is identified at $32. The next potential resistance levels are at $40 and then $44, with $50 as the ultimate target for the uptrend.
The weekly RSI has risen to 50.95, indicating gathering momentum without entering overbought territory. Data from TradingView shows the RSI remains well above its moving average of 42.58.
Meanwhile, the MACD line sits at -2.85 with the signal line at -2.30, while the histogram hovers around -0.55. The decreasing red bars on the MACD indicator hint at a weakening bearish trend and a potential bullish crossover.
