After Holding the 30 USD Support Zone, $HYPE Shows Strength
Hyperliquid (HYPE) experienced a steep decline of over 17% last week due to significant resistance at the 50-day EMA near 40 USD. On Saturday, the price dropped back toward the crucial psychological support level of $30 USD.
But the next day, HYPE swiftly recovered by almost 7%, demonstrating the strength of this support area. The token is still trading above $33 USD as of Monday, indicating that the recovery momentum is still active.
HYPE may aim for the next resistance level, which is approximately 36.51 USD, if buying pressure stays constant. In order to determine whether the market can recover its short-term bullish structure, this level will be crucial.
The RSI is presently at 39 on the daily timeframe and is progressively moving in the direction of the neutral 50 level. This suggests early indications of momentum rotation and waning selling pressure.
The RSI must break above the neutral zone for a more sustainable recovery, much like HBAR. On the downside, the price may return to the crucial 30 USD support level if HYPE is subject to fresh selling pressure.
Maintaining market confidence and averting a more serious structural breakdown will depend on holding this zone.
After protecting its crucial support, HYPE is still resilient overall, and the response around the next resistance levels will provide more precise indicators of the impending trend.
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