#Hype

𝙄𝙨 𝙃𝙔𝙋𝙀 𝙋𝙧𝙞𝙘𝙚 𝙋𝙤𝙞𝙨𝙚𝙙 𝙛𝙤𝙧 𝘼𝙣𝙤𝙩𝙝𝙚𝙧 70% 𝙍𝙖𝙡𝙡𝙮 𝙖𝙨 𝙒𝙝𝙖𝙡𝙚𝙨 𝙊𝙥𝙚𝙣 $12𝙈 𝙇𝙤𝙣𝙜𝙨?

Hyperliquid (HYPE) has been one of the top-performing coins in the last two months after recording a series of all-time highs. Its most recent all-time high of $45 was formed earlier this week, and while it has retreated by 11% from this price, bullish signs are still aligning. On June 18, the HYPE price traded at $40 with a 4% intraday drop, while trading volumes had spiked slightly by 7% to $40.

After recording an uninterrupted upward trend since April, the HYPE token has formed an ascending parallel channel, which shows that buyers have remained in control of the price action for more than two months.

At press time, HYPE price was testing the lower support level in this pattern after buying strength waned as some traders took profits at the all-time high price. If it can bounce from this support level with strong buy volumes, it will likely aid another rally to fresh highs.

The RSI indicator also shows a bullish HYPE price forecast because, despite retreating to the lower support line, the momentum is still bullish due to the reading of 60. If it can create a higher low and overcome the resistance at the upper trendline of the ascending channel at $46, it may rise by 70% to print a fresh ATH at $68.

However, there is a need for caution as the AO histogram bars suggest that the bullish trend is growing weaker. If there is no shift in this outlook as the token’s price tests the lower boundary support, it may invalidate the bullish outlook and force it to drop to the 61.8% Fibonacci level of $32.moon