The Hyperliquid (HYPE) token is valued at $37.65, with a daily surge of over 15.75%. With a jump of 80.5% in its intraday trading volume, HYPE token has gained significant attention from the market.
Just 8 days ago, it had experienced a massive pump in its value, resulting in it achieving a new high of $39.930. Moreover, with a gap of just 6.15%, marketers are wondering if this altcoin will achieve a new ATH anytime soon.
The Bollinger Bands (BB) with a 20-day Simple Moving Average (SMA) records increased volatility. Moreover, it is constantly trading within the bullish range, suggesting positive action. This kind of trend ideally hints at strong price movements. After recording a top of around $39.930, the price pulled back and is now valued around $37.65.
The Relative Strength Index (RSI) is currently at 68.91, slightly below the overbought range of 70. The asset is showing strong momentum and may breach the overbought range soon. This suggests bullish momentum might be re-building and the price may continue its positive action.
However, the volume bars are currently in a consolidated phase. This pattern suggests that Hyperliquid is experiencing a cool-off period as momentum is slowing without increased selling pressure. This trend also hints at increasing risk of a false breakout or short-term reversal.
Will HYPE Price Hit $50?
The immediate target level for Hyperliquid price is $39.930. If the bullish sentiment sustains at that point, the value of this altcoin could possibly breach the $40 mark and head toward the $42 range.
For it to achieve the $50 mark, HYPE price will require a jump of 32.80% from its current trading value of $37.65. Considering the market sentiments, this price target seems tough.
Coming to the negative end, the HYPE crypto has key support levels of $35.300 and $32.950. However, if the liquidation in the market increases, it may face a setback toward its $30.700 mark within a short period.
