Hyperliquid Continues To Move Below The $45 Mark

The price of Hyperliquid (HYPE) is rising, although it is currently trading sideways after reaching a high of $49.83.

Hyperliquid price long-term analysis: bullish

Buyers have not been able to sustain the positive momentum above the $50 level. Since July 13, HYPE has been trading above the $35 support and below the $50 resistance level.

On August 22, the altcoin rallied and broke above the moving average lines, but was stopped at the initial $46 barrier. The cryptocurrency has retraced and is stuck above the moving averages. The uptrend will begin if buyers keep the price above the $50 level. HYPE will rise to a high of $59.

On the other hand, selling pressure will return if the price falls below the current support of $35. At the time of writing, HYPE is trading at $43.68.

HYPE price indicators analysis

After the rally on August 22, the price bars are now above the moving average lines. The price bars on the 4-hour chart are separated by moving average lines. This indicates that the cryptocurrency will continue to move within a range. Both charts show horizontally sloping moving average lines, indicating a sideways trend.

Technical Indicators:

Key Resistance Levels – $60 and $70

Key Support Levels – $40 and $30

What is the next direction for Hyperliquid?

The HYPE price is moving sideways between the $40 support and the $50 resistance. On the 4-hour chart, the bullish momentum has paused at $45 as the altcoin slipped between the moving average lines. The price of the cryptocurrency is fluctuating between the moving average lines. The altcoin will rally if it breaks above the 50-day SMA barrier and the positive momentum continues.

The altcoin previously fell below the moving average lines to a low of $35 before the bulls bought the dips, as CoinIdol.com wrote last week.

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.