Predicted Price Movement for Hyperliquid (HYPE): A Reset in RSI Indicates Potential Support for Prices to Range Between $60 and $70
Hyperliquid, the popular digital asset, has been making waves in the crypto market, with its price repeatedly testing the $50 to $52 ceiling. This persistent push against the resistance level forms an ascending triangle pattern, hinting at a potential breakout.
Currently, Hyperliquid is consolidating right beneath the $52 resistance band, a sign that this move might not be just a short-term rally. Instead, it appears to be the foundation being laid for the next leg higher.
The bullish sentiment is further bolstered by USDH's announcement to allocate 95% of its revenue towards HYPE buybacks. This fresh demand-side catalyst could potentially drive the price higher if Hyperliquid manages a clean breakout above the current range.
If Hyperliquid successfully breaches the $50 to $52 zone, it would mark a defining moment, confirming the strength of buyers and opening the doors for price discovery. A confirmed breakout could even open room for price targets in the $60 to $70 levels.
Interestingly, the consolidation within the triangle keeps the market balanced but tilted in favor of the bulls. Fresh on-chain data shows that Hyperliquid's absorption ratio has been trending lower while price continues to climb steadily, indicating less sell pressure being absorbed by bids, leaving room for price to move higher with greater ease.
The RSI recovery and steady buyback activity align for a bullish HYPE Price Prediction. Crypto analyst Crypto Mechanic believes that as long as the $46 to $47 support region remains intact, the current structure suggests the market is preparing to extend beyond its prior peak.
As of now, Hyperliquid's price stands at $48.66, up 3.96% in the last 24 hours. A reset in the weekly RSI often signals that the market has cleared out excess momentum and is primed for another move higher. With these bullish indicators, the stage seems set for an exciting period in Hyperliquid's price journey.
However, it's important to note that while the current outlook is optimistic, investing in cryptocurrencies comes with inherent risks. Always do your own research and consider your financial situation before making investment decisions.
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