Hyperliquid (HYPE) is holding a critical support level near $29 as it trades at $30.58, showing resilience in a weak market. Analysts cited in a recent post state defending this level is key for momentum, with resistance noted near $37 and potential for a pullback if support fails.
Hyperliquid (HYPE) is demonstrating early resilience, consolidating around a crucial $29 support level. This area could underpin further gains despite broader weakness in the cryptocurrency market.
The token is currently trading at $30.58 with a 24-hour volume of $645.68 million and a market capitalization of $7.94 billion. Its 6.3% increase outperforms the majority of the market, giving it a dominance of 0.35%.
Analysts point to the $29 level as critical for maintaining upward momentum toward a trading range high near $37. “As long as buyers successfully defend the $29 level during pullbacks, the pace towards the highs of the trading range could quicken,” the analysis stated.
Resistance is identified in the $34 to $37 range, which could trigger a short-term pullback. Analysts predict failure to break this resistance could see a retracement of up to 50% of recent gains.
Previous price action saw HYPE drop to around $20, creating oversold conditions that initiated the current move. Should bearish pressure escalate, additional support at $20 and the April low of $9 could come into focus.
Current technical analysis suggests momentum is weak but strengthening, with on-chain data revealing increasing investor interest. Market observers stress short-term gains are dependent on HYPE holding above $29.
