The cryptocurrency market is under significant selling pressure, impacting tokens like Hyperliquid (HYPE).
Cryptocurrency Market Sales
Recently, the cryptocurrency market has faced significant selling pressure, causing drops in notable cryptocurrencies such as Ethereum (ETH), which dropped over 11% in the past week. This decline has been driven by escalating global tariff tensions, which have also affected the altcoin sector. One of the hardest-hit tokens was Hyperliquid (HYPE), falling over 22% due to whales exploiting its liquidation system.
HYPE Chart Analysis
On the daily chart, HYPE has been forming a symmetrical triangle pattern since its rejection from its all-time high of $35.29 in December. This rejection triggered a steep correction, pushing the token down by 65% to its crucial ascending support level of $12.19. However, HYPE managed to defend this support and rebounded to $13.15. The chart indicates that if this pattern holds, a potential breakout could be on the horizon. A move above the next resistance at $17.34, followed by the 50-day moving average, could confirm an uptrend, setting the stage for a bullish reversal. If HYPE fails to hold the $12.00 support range, it will invalidate the pattern, potentially leading to further downside toward the $10.50 support zone.
Will HYPE Rebound?
The symmetrical triangle pattern often indicates consolidation before a breakout. If HYPE can maintain its ascending support and break above key resistance levels, a bullish reversal could take shape. The next few days will be critical in determining whether the price can push higher. As always, traders should monitor key resistance and support levels while considering broader market trends before making any investment decisions.
The current fluctuations in the cryptocurrency market pose challenges for HYPE, but successful defense of key support might lead to recovery.
