Hyperliquid Reaches Its High At $49

The price of Hyperliquid (HYPE) is rising in a sideways pattern.

Hyperliquid price long-term analysis: ranging

The cryptocurrency was previously on an upswing after reaching a high of $49 on July 14. Buyers were unable to sustain the bullish momentum above the $50 mark, leading to a drop to a low of $35. The altcoin is correcting higher as it returns above the moving averages. HYPE climbs back to its previous high of $49. If the altcoin rises to the upside and breaks through the $50 resistance level, the positive trend will resume and the altcoin will rise to a high of $53.

However, if buyers fail to break through the current barrier, the altcoin will be forced to trade sideways between $35 and $50. Today, the HYPE price stands at $43.82.

Analysis of the Hyperliquid indicator

The price has risen above the moving average lines after the breakout on August 9. The sideways trend means that the moving average lines are horizontal. The moving average lines on the 4-hour chart are sloping upwards due to the upward trend. The altcoin will continue to rise while staying above the moving average lines.

Technical Indicators:

Resistance Levels – $60 and $70

Support Levels – $40 and $30

What is the next direction for Hyperliquid?

HYPE price has remained above the moving average line. The bulls bought the dips, causing the selling pressure to stop above the $35 support. The price of the cryptocurrency broke above the moving average lines and reached a high of $46.

On the 4-hour chart, the cryptocurrency has fallen back between the moving average lines. The upward movement of the market will start when the price breaks above the 21-day SMA.

Coinidol.com reported on August 4 that the price of Hyperliquid was rising after falling to a low above the $36 support level. 

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.