HYPE Resumes Its Decline below the $26 High

The Hyperliquid (HYPE) price has fallen close to the projected level.

Hyperliquid price long-term analysis: bearish

HYPE reached a low of $22.44 before recovering. According to the price indicator, the cryptocurrency is expected to reach the 2.0 Fibonacci extension level, or the $20.49 low.

Today, the altcoin is rising after hitting a low of $22. In other words, the altcoin is trading above the $22 support but below the moving average lines.

However, the price movement has stalled at the $26 high. Further upward movement for the altcoin is unlikely. On the downside, if the bears break below the $22 support, the altcoin will fall to the projected price level of $20. HYPE is trading at $24.74.

Technical Indicators: 

Hyperliquid price indicator analysis

The 21-day SMA and the 50-day SMA are sloping downwards, indicating a decline. The price bars are positioned between the downward-sloping moving average lines. The price is caught between the moving average lines, suggesting a likely range-bound move for the coin.

What is the next direction for HYPE?

The 4-hour chart shows that HYPE is declining but remains caught between the moving average lines. The cryptocurrency price is trading above the 21-day SMA support but below the 50-day SMA level. Selling pressure will return if the price falls below the 21-day SMA support. HYPE will test the previous low of $22. If the altcoin breaks below the current support, it will reach the anticipated price of $20.

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.