The price of Hyperliquid (HYPE) is showing activity at $43, prompting traders to consider the market's direction. Recent exchange events and technical indicators assist market participants in their analysis.
Prices Hold Above Key Trendline
As of the time of writing, HYPE was trading at $44, which is up 2% over the past 24 hours and 4% for the week. Trading volume in the last day reached $419 million. Since April, HYPE has followed a steady upward trend within a rising channel, showing a pattern of higher highs and higher lows. Recently, the price pulled back to its lower trendline, then bounced off this level, indicating that buyers are still active in that zone. The current level of $43 serves as short-term support, matching the 9-day moving average.
Indicators Show Mixed Signals
Analysis of indicators suggests mixed signals. The 9-day moving average is currently below the 21-day moving average, which could indicate a slowing momentum. However, the asset is now pushing above the 9-day line, potentially suggesting a recovery. The Stochastic RSI shows values of 19.83 and 17.51, both in the lower zone. No crossover has happened yet, but traders are closely monitoring for potential signs of a price turn.
Whale Moves and Exchange Update
A large wallet recently closed its HYPE position for a profit of $13.6 million and directed funds to purchase 3,322 ETH, valued at approximately $12.84 million. Meanwhile, a trader reported losses exceeding $1 million on the same platform. Hyperliquid processed $648 billion in trading volume during Q2 and achieved a total volume of $1.57 trillion over the past year, holding more than 60% of the perpetual DEX market. A recent API issue affected trading, but the exchange stated it will refund eligible users, linking the incident to increased traffic rather than a security breach.
With current support levels and significant player activity in the market, participants are watching to see if HYPE will continue to rally. The condition of technical indicators also adds intrigue, leaving open questions about the sustainability of the trend.
