Hyperliquid (HYPE) Defends $80 Despite 40% Rally... Will it Ignite a Breakout to $100?

▲ Hyperliquid (HYPE)/AI generated image

An analysis suggests that Hyperliquid (HYPE) is maintaining a bullish structure by defending the $80 support level.

According to U.Today, a cryptocurrency specialized media outlet, on September 3 (local time), Hyperliquid continued its upward trend after strongly breaking through the $58-$60 range. Instead of immediately giving back the sharp gains, it has been consolidating near recent highs. The price has oscillated between $79 and $86 multiple times. Around the $80 mark, buying pressure is absorbing selling pressure.

The gap with major moving averages has also widened significantly. The 50-day moving average is around $63.7, and the 100-day moving average is around $62.5. The short-term moving average has risen to approximately $72.8. The 200-day exponential moving average (EMA) remained at around $55. U.Today analyzed that while this gap indicates a strong uptrend, it also increases the possibility of a correction.

Hyperliquid has risen over 40% since its breakout in August. The Relative Strength Index (RSI) climbed into the overbought territory and then eased to approximately 69. U.Today explained that if the price continues to consolidate without a significant pullback, the upward momentum could moderate without a strong correction.

On the upside, $85-$87 is the first resistance zone. If this zone is surpassed, $90 becomes the next target. Subsequently, the psychological resistance level of $100 comes into view. Conversely, if $80 breaks down, the correction could be significant.

In case of a decline, $75 has been suggested as the primary support candidate. There is also a possibility of a dip to around $73, where the short-term exponential moving average is located. However, U.Today assessed that the bullish structure remains intact as long as Hyperliquid holds above $80.

[Article Key Summary]

-Hyperliquid has risen over 40% since breaking through $58-$60 and is holding the $80 support line.

-If the $85-$87 resistance is broken, the price target could extend to $100, passing through $90.

-If $80 breaks down, the possibility of a correction to $75 and $73 increases, but the current bullish structure is maintained.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*