The cryptocurrency market is showing a retreat after the recent comments from Jerome Powell. While Bitcoin and Ethereum are losing value, Hyperliquid (HYPE) is demonstrating positive dynamics.
General Market Situation
The cryptocurrency market has pulled back following an initial surge driven by Jerome Powell's remarks at the Jackson Hole event, where he hinted at potential rate cuts in September. Bitcoin (BTC) dropped to $111K from a 24-hour high of $115K, while Ethereum (ETH) fell by 3.5%, putting pressure on major altcoins.
HYPE Harmonic Pattern
On the daily chart, HYPE is forming a **Bearish ABCD harmonic pattern**. While this structure is technically classified as bearish, it often leads to a strong bullish CD-leg rally before any potential reversal near the projected target zone. This move began with a rally from Point A near $35.53 to Point B, followed by a pullback to Point C around $40.40, where buyers stepped back in aggressively. Since then, HYPE has surged higher and is now trading around $45.30, confirming the strength of the CD leg.
Future Predictions for Hyperliquid
If buying pressure continues, HYPE could climb toward the $54.42 target, representing an additional +20% gain from current levels. However, to maintain this bullish momentum and keep the harmonic structure valid, holding above near-term support will be crucial. Given the unstable market situation, short-term volatility should be anticipated, but the technicals suggest that HYPE may have more room to run before its next major test.
Amid the current market dynamics, despite overall declines, Hyperliquid (HYPE) shows signs of resilience and potential growth. We will monitor developments closely.
