Hyperliquid (HYPE) Cracks Top 30 After Reaching Another All-Time High Price

Key Takeaways

• Hyperliquid (HYPE) reached a new all-time high on Dec. 16.
• The HYPE price trades in an ascending parallel channel.
• Will Hyperliquid continue making new all-time highs?

Hyperliquid held HYPE’s Token Generation Event (TGE) on Nov. 29. After moving above $27 on Dec. 16, HYPE is being hailed as one of the most successful airdrops in history despite lacking any major CEX listings.

With that in mind, let’s look at the HYPE price action and see how long it can maintain momentum.

HYPE Hits Another All-Time High

The 4-hour HYPE chart shows that the price has increased inside an ascending parallel channel (white) since the beginning of December.

After bouncing on Dec. 11 (black circle), the HYPE price accelerated its rate of increase. Since then, HYPE has broken out from the more gradual channel (white) and is trading inside a steeper one (black).

On Dec. 16, the HYPE price reached a new all-time high of $27.25, touching the channel’s resistance trend line. This is an increase of 1,240% since the TGE.

Despite the increase, the Relative Strength Index (RSI) has generated bearish divergence (green), often leading to price declines. If that happens, the channel’s support trend line will be $24.80.

The wave count suggests HYPE is in the fifth and final wave of the upward movement that started with the TGE. While the first channel contained wave one, the second likely contained wave three.

If wave three has the same length as wave one, the HYPE price will reach a local top soon and then correct, possibly falling to the confluence point of both channels.

Afterward, a possible target for the top of wave five is $33.84, created by the 1.61 extension of wave one. After reaching the target, the HYPE price could begin a lengthy correction.

One More Increase Left

The HYPE price has increased rapidly since its airdrop, continuously reaching new highs. The HYPE price increase accelerated in the second week of December.

While HYPE could reach a local top soon, the long-term upward movement will continue for at least one more high before a major correction.