HYPE Price Prediction: Hyperliquid Holds Key Resistance as Traders Watch for Breakout

Trends associated with HYPE price prediction became popular in the crypto market as the native token of Hyperliquid was still trading around a significant resistance level after the successful rally. Now market players are watching whether the token is able to maintain its uptrend after the sellers failed to break below some critical support areas during the last pullback.

The matter became especially popular after a crypto market analyst posted a chart on X, stating that HYPE is one of the strongest coins on the market at the moment. According to the analyst, the bulls managed to consume the latest pullback from the critical support area and a breakout above resistance might bring another growth period for the coin.

HYPE Price Prediction: Resistance Zone Remains in Focus

Based on the chart uploaded by X user, it is worth noting that HYPE is trading below resistance levels at around $75-$80. The price had been testing this level several times during the month of June, but failed to achieve an upside breakthrough.

It was observed by the analyst that buyers were managing to defend low-level supports during each correction period, thereby maintaining the overall uptrend. The daily chart had shown a pattern of higher lows and higher highs, which is indicative of bullishness in the market. Furthermore, the price was trading above a rising trend line that has been supporting the price from the beginning of the recovery period.

Technical analysis revealed that the momentum was steady. RSI was trading above the neutral level of 50 without entering into overbought territory.

Support Levels Continue to Hold

HYPE Price Prediction’s most recent analysis is still connected to a few support zones that traders are tracking. The closest support level is located in the range of $67 to $69, where the nine-day exponential moving average forms dynamic support for the asset.

There is another support zone that is situated between $58 and $63. It was a demand zone in the previous retracements and allowed setting up the current bullish structure. The analysts pointed out that HYPE kept being on the bullish path as long as the price stayed above those levels.

In the four-hour timeframe, the asset continued forming higher lows amid fluctuations. This situation meant that bulls were buying the coin at increasingly higher prices. The market players will be watching whether the coin will keep this structure while moving towards resistance.

Market Cap Data Shows Continued Strength

According to Glassnode data, the market capitalization of HYPE increased from about $13.2 billion to over $16 billion during the current rally. Although the market capitalization slightly fell off its high point, it was still above $15 billion throughout the analyzed period.

Furthermore, it is worth noting that the price of HYPE was around $70 mark while the market capitalization was steady. This implies that capital outflows were still minimal despite instances of selling.

In trading, traders usually look at the market capitalization together with price changes as indicators of participation in the market. Both the price and market capitalization of HYPE were elevated relative to previous levels.

Traders Await Next Direction

As per the HYPE Price Prediction analysts who were tracking the price of HYPE, it seems like the next big movement in the market will be an attempt by the asset to break out above resistance and into a new trading zone.

As of now, prices have been stuck below resistance but are trading above support levels. This means that for HYPE traders, the next big question is how the asset handles resistance, either turning it into support or getting rejected.

In the coming days, things will become clearer as HYPE moves towards one of the most critical technical areas on its chart.