Hyperliquid’s Bullish Reversal: What’s Next for HYPE?
Hyperliquid (HYPE) has made a strong comeback after briefly dipping below its trading range.This article explores the key levels to watch and where the price might head if the bullish momentum continues.
Recently, Hyperliquid showed signs of a bullish reversal. It dipped below $9.34 but quickly reclaimed its position. This price action is a failed auction, indicating that sellers couldn’t push the market lower. The price then retested the range low, aligning with the 0.618 Fibonacci retracement level.
Two bullish engulfing candles confirmed the renewed momentum, pushing the price back into the point of control. This zone has seen the highest trading volume. Now, the price is consolidating in the middle of the range, forming a bull flag pattern. If this resolves upward,it could lead to a breakout toward $18.50, the top of the range.
- Price briefly fell below $9.34 but reclaimed the range.
- The retest aligned with the 0.618 Fibonacci retracement.
- Consolidation could lead to a breakout toward $18.50.
Traders should watch the $9.34 level closely. If it holds, the bullish scenario remains valid. Though, a breakdown below this level could invalidate the setup. For short-term traders, wait for a breakout above local resistance with strong volume before entering. Patience can lead to better trade entries and reduced risk.
Source: Tradingview
