- Hyperliquid made robust beneficial properties over the previous two weeks, however retained a bearish bias for swing merchants
- Liquidity at $16.4 has served as a magnetic zone and attracted HYPE larger
The DEX token Hyperliquid [HYPE] registered beneficial properties of 35% within the final ten days. At press time, it had rebounded nicely from the $12 help and gave the impression to be heading in the direction of the $18.5-$20 resistance zone. Bitcoin’s [BTC] sluggish transfer upwards from $78k to $84k over the identical interval definitely helped HYPE.
On the charts, the technical indicators flashed decrease timeframe bullishness. Even so, the bearish outlook on the 1-day chart remained unchanged. A transfer past $21.25 can be essential to mark a bullish construction shift.
Can HYPE advance to $21 from right here?
Supply: HYPE/USDT on TradingView
On the 1-day chart, the construction was strongly bearish. The newest decrease excessive to beat appeared to be $21.25 – A zone of native resistance in late February. The $18.5-$21 area is predicted to function resistance to Hyperliquid token costs.
Therefore, a breakout past this area might take time to materialize. Till then, buyers and swing merchants can stay bearishly biased. The OBV has been climbing larger, however is but to beat the help stage from the primary two months of 2025.
On the time of writing, the RSI was on the verge of climbing previous impartial 50 to sign bullish momentum. The altcoin’s beneficial properties in latest days have been encouraging although, and so was its buying and selling quantity.
The Fibonacci retracement ranges revealed that the $20.74-level was the 50% retracement stage. The $22.2-level may also be seen as a resistance. To the south, the continuation of the bearish pattern might take the worth to $8.2.
Supply: Coinglass
The 1-month liquidation heatmap highlighted that HYPE had simply taken out a pocket of liquidity at $16.1-$16.4. It appeared ripe for a bearish reversal in the direction of $13.7. Nevertheless, the liquidity as much as $18.3 might proceed to tug the costs larger.
Total, the possibilities of a sustained transfer larger appeared good for Hyperliquid. It could be prone to push in the direction of $20-$21, however bulls must be cautious of BTC’s value strikes over the approaching days.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion
