Hyperliquid (HYPE) Price Momentum: New High Incoming?
Hyperliquid (HYPE) Eyes Potential All-Time High
Hyperliquid (HYPE) is experiencing a significant price increase, positioning the altcoin close to its all-time high (ATH). Currently trading around $46.99, HYPE is only about 9% shy of its previous peak of $51.18, recorded in late August. Market signals point to a potential continuation of the bullish trend.
Technical Indicators Suggest Bullish Momentum
The Relative Strength Index (RSI) is currently above 50.0, indicating positive momentum. This suggests that Hyperliquid could see further gains if buying interest persists.
- RSI Analysis: A rising RSI often signals sustained upward pressure, potentially encouraging traders.
- Buying Interest: Strong RSI readings typically reflect increased buying activity, which could drive HYPE toward retesting previous resistance levels.
HYPE RSI. Source: TradingView
The squeeze momentum indicator also suggests a possible breakout. Black dots are emerging in the bullish zone, with green bars indicating increasing momentum. This setup implies that HYPE may experience rapid price movement upon the release of the squeeze.
- Squeeze Momentum: Historically, squeezes have foreshadowed significant price swings. The current pattern hints at a bullish continuation for Hyperliquid.
- Trading Volumes: Hyperliquid could benefit from increased trading volumes and heightened market participation, potentially pushing its price higher.
HYPE Squeeze Momentum Indicator. Source: TradingView
Key Price Levels to Watch
At $46.99, HYPE is nearing its ATH of $51.18. Current technical indicators support the possibility of further gains, with the altcoin displaying resilience against selling pressure.
If Hyperliquid successfully breaches $48.70 and establishes it as a support level, the path toward $51.18 becomes clearer. Breaking above this level would signify a new ATH, boosting market confidence and potentially attracting more bullish traders.
HYPE Price Analysis. Source: TradingView
However, failure to overcome $48.70 could lead to short-term weakness. If HYPE falls below $46.05, the bullish outlook would be weakened, potentially exposing the altcoin to further declines and a possible correction before another recovery attempt.