HYPE has experienced notable volatility recently, pushing the altcoin upwards. The rise to a new all-time high (ATH) may be delayed.
However, it remains a strong possibility for the coming months, especially with the positive momentum building in the market.
Hyperliquid Is Noting Bullishness
The Relative Strength Index (RSI) for HYPE has made a positive shift, moving back into the bullish zone after briefly slipping below the neutral mark. This rise above 50.0 signals strengthening bullish momentum, which is a promising sign for HYPE’s price in the days ahead.
As the RSI stays above 50.0, it suggests that the upward momentum is gaining traction. Investors can expect HYPE’s price to experience continued upward movement as long as the RSI maintains this bullish trend.
The Moving Average Convergence Divergence (MACD) indicator is also showing promising signs for HYPE. It is on the verge of a bullish crossover, which would confirm the shift in momentum from bearish to bullish.
The histogram associated with the MACD is showing declining red bars, signaling that bearish pressure is waning. A confirmed bullish crossover would confirm the strength of the momentum and fuel HYPE’s rise towards new highs.
HYPE Price Is Nearing The ATH
HYPE is currently trading at $39.1, just under the resistance of $39.9. Breaking through this level is crucial for HYPE to continue its upward trajectory.
Securing $39.9 as support would signal the potential for further gains and set the stage for the altcoin to push toward higher price levels.
To continue its upward trend, HYPE would need to breach and hold $42.2 as support. If successful, the next key target would be the ATH of $45.8, which is approximately 16.8% above the current price.
However, this move might take longer, with investors likely seeing it happen sometime after Q3 begins next week.
Both $42.2 and $39.9 have been critical resistance levels for HYPE.
If the altcoin fails to break through $39.9 or encounters selling pressure before reaching these levels, it could fall back to the support of $35.7, invalidating the bullish outlook and potentially reversing the current trend.
Bitrue