Hyperliquid Risks Decline Below the $22 Support

The Hyperliquid (HYPE) price has been steadily declining, reaching a low of $20 before rebounding.

HYPE price long-term analysis: bearish

Before its decline on January 20, the altcoin was trading sideways above the $22 support level. The cryptocurrency price is currently correcting upwards to retest or break through the $22 level, which has now become a resistance. If buyers sustain bullish momentum above $22, HYPE will return to its previous trading range above this level.

However, if the altcoin fails to surpass $22, it will continue to face selling pressure. Initially, the altcoin will test the previous low of $20. If bearish momentum persists, the price may fall further towards $17.

Technical Indicators:

HYPE price indicators analysis

The cryptocurrency price remains below the downward-sloping moving average lines, which have rejected recent upward movements. On the 4-hour chart, the price bars are positioned between the downward-sloping moving average lines. The cryptocurrency price is likely to remain range-bound while it is trapped between these moving averages.

What is the next direction for HYPE?

HYPE will likely decline further if it loses the $22 support. However, the bulls have taken advantage of the lows and pushed the price higher.

On the 4-hour chart, the cryptocurrency price is correcting upwards after breaking above the $22 level, but the price movement remains confined between the moving average lines. On the upside, the bullish momentum is expected to meet resistance near the $24 level.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.