The post Hyperliquid Price Stalls at $46 Amid Whale Moves, Here’s What’s Next appeared first on Coinpedia Fintech News
Hyperliquid (HYPE) is currently navigating a consolidation phase after a remarkable 60-day rally that saw its price climb over an impressive 23%. As of now, HYPE is trading at approximately $45.54, marking a slight decline of 0.68% since yesterday, yet it boasts a strong weekly increase of 7.92%. With a valuation of $15.2 billion, the intraday trading volume has surged by 43.77% to reach $375.75 million, indicating high market interest.
However, the token is facing challenges as it recently encountered a significant rejection near the swing high of $49.52, just shy of its all-time high (ATH) of $49.86 recorded last month. Marketers are seemingly taking profits, influenced by the prevailing macroeconomic uncertainties and mixed behavior among whale investors, creating a complex near-term market outlook.
Reasons Behind the Recent Dip
- Fed Rate Uncertainty: Currently, there is an 87.3% probability of a rate cut by the Federal Reserve in September, leading to cautious positioning by investors who are wary of the potential impacts on the broader economy.
- Mixed Whale Activity: There’s a divide among large addresses, where some are aggressively accumulating HYPE while others are leveraging short positions, contributing to market volatility.
- Liquidation Clusters: The $42 to $44 price range is heavily populated with leveraged positions, which may prompt liquidation events if the price falls into this zone.
Hyperliquid Price Analysis
Analyzing the price action of HYPE reveals a crucial battle unfolding between bulls and bears. Currently, the 38.2% Fibonacci retracement level at $44.21 serves as a significant support zone. If HYPE manages to close below $42.57, it could trigger a drop to around $35.42, particularly if liquidation pressures intensify.
The Bollinger Bands on the 4-hour chart indicate a trend of shrinking volatility, while the Relative Strength Index (RSI) currently sits at 54.7, reflecting neutral momentum. This suggests the market is at a tipping point that could swing in either direction, heavily reliant on the actions of buyers aiming to defend the mid-$40 price region.
On the upside, bulls have a clear target; they need to reclaim the $46.36 level and push past the $49.52 resistance to re-test the ATH established at $49.86. A breakout above this pivotal level could potentially open the door to a further rally towards the $56.7 resistance zone.
FAQs
HYPE price today is consolidating around $45 after a strong 60-day rally.
Key support sits at $44.21 and $42.57, while resistance is at $46.36 and $49.52.
Caution around Fed rate policy, profit-taking by traders, and mixed whale activity pressured prices.
