Hyperliquid Price Prediction: HYPE Plummets 21% As Traders Pivot To This ICO That Flags Hot Cryptos
Release: 2024/12/23 20:19 Reading: 261
Hyperliquid Price Continues Surge with Support at $25
Over the last 24 hours, the Hyperliquid price has experienced a sharp decline of 21%, trading at $12.15 as of 02:32 a.m. EST. However, trading volume has skyrocketed by 63% to an impressive $703 million.
Technical Analysis
Hyperliquid's price action has been characterized by higher highs and higher lows, indicating a rising channel pattern. Resistance has been encountered at the upper boundary near $36, while the lower boundary around $25 has provided immediate support.
Despite the recent dip, Hyperliquid's price remains above the 50-day Simple Moving Average (SMA). However, it has slightly crossed below the SMA due to the recent price decline.
The Relative Strength Index (RSI) currently stands at 43.43, below the midpoint (50), suggesting mild bearish momentum in the short term. However, it is nearing oversold levels (30), signaling a potential reversal or bounce.
Outlook
If Hyperliquid's price holds at the lower boundary of the rising channel and reclaims the 50-day SMA ($27.36), it could resume its uptrend towards the $30-$36 range. A breakout above the channel may push the price to new highs above $40.
Conversely, a confirmed breakdown below the rising channel and $25 could indicate the start of a bearish trend, with the next support level around $20.
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