The price of Hyperliquid (HYPE) is rising after falling to a low above the $36 support level.
Hyperliquid price long-term analysis: bearish
The last uptrend ended after it hit a high of $50. Buyers have a tough job to push the altcoin above the moving average lines and resume the uptrend. If the buyers break the barrier at the 21-day and 50-day simple moving averages, HYPE will rise to a high of $50 and return to the uptrend zone.
However, if the altcoin deviates from the moving average lines and breaks below the support level of $36, it will fall to a low of $31.
Analysis of the Hyperliquid price indicators
HYPE is in a downtrend as the price bars return below the moving average lines. The altcoin could continue to fall as long as it is in the bearish trend zone. The moving average lines are sloping downwards, indicating a bearish trend. The 4-hour chart shows that the 21-day SMA is below the 50-day SMA, indicating a downtrend.
Technical Indicators:
Major Resistance Levels – $60 and $70
Major Support Levels – $40 and $30
What is the next direction for Hyperliquid?
HYPE is currently in a downtrend despite rising above the $36 support level. In the last 48 hours, the altcoin has been trading above the $36 support level but below the moving average lines.
If HYPE loses the current support, it will fall to its previous low of $31. Likewise, it will resume an uptrend once it breaks above the moving average lines.
On July 26 the price of Hyperliquid (HYPE) has fallen between the moving average lines after reaching the $50 resistance, as reported by Coinidol.com.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
