HYPE is demonstrating strong bullish signals in the markets and is preparing for a breakout from a falling wedge pattern.
Current Situation with HYPE
The cryptocurrency Hyperliquid (HYPE) is showing signs of strong growth as it approaches a breakout from a falling wedge pattern. Recent data indicates that the token is trading above key moving averages.
Technical Analysis and Key Levels
Starting from its all-time high of $35.02 on December 21, the price of HYPE had been in a downtrend, forming a falling wedge pattern. On April 7, the price hit a low of around $9, after which it began to rise above all major moving averages. The current RSI level stands at 63.51, indicating accumulating bullish momentum.
Outlook and Potential Risks
If HYPE can hold above the $18 level, the next major resistance will be at the psychological $20 level. However, there are also risks if the price fails to maintain above the $18 support, which could lead to a decline and test lower levels.
The situation around HYPE requires close attention as a potential breakout from the current pattern can pave the way for new highs. However, investors should be aware of the risks associated with possible market direction changes.
