Hyperliquid (HYPE) Price Prediction: HYPE Aims For A Continued Surge After Plunging 21%

The Hyperliquid price has been making higher highs and higher lows, characteristic of a rising channel.

The Hyperliquid (HYPE) price continued its downturn on Monday, dropping over 20% and showing signs of weakness. However, the price remains within a rising channel, indicating a potential uptrend.

Hyperliquid Price Shows Signs of Weakness

The HYPE price showed signs of weakness on Monday, continuing its downturn from last week. The price dropped by over 20% in the last 24 hours to trade at $12.15 as of 02:32 a.m. EST.

Despite the downturn, the Hyperliquid price is still up by over 100% in the last 30 days. The price began the year at around $6 and rose to a high of $44 in mid-April. However, the price then crashed by over 80% in just a few weeks.

Since the beginning of June, the HYPE price has been slowly recovering. The price formed a rising channel on the 4-hour chart, with the upper boundary acting as resistance and the lower boundary serving as immediate support.

The Hyperliquid price has been trading above the 50-day Simple Moving Average (SMA) throughout the uptrend. However, with the recent downturn, HYPE has crossed slightly below the 50-day SMA.

The Relative Strength Index (RSI) is at 43.43, indicating mild bearish momentum in the short term. The RSI is also approaching oversold levels (30), suggesting a potential reversal or bounce.

If the price holds the rising channel’s lower boundary and reclaims the 50-day SMA ($27.36), it could move back toward the $30-$36 range, continuing the uptrend. A breakout above the channel could push the price to new highs above $40.

Conversely, a confirmed breakdown below the rising channel and $25 could signal the start of a bearish trend, with the next support level around $20.

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