Has the HYPER Correction Ended? | Credit: Veronica Cestari
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Key Takeaways
Hyperlane (HYPER) has fallen by nearly 65% since its all-time high.
The HYPER price trades inside a descending wedge pattern.
If the correction is over, how much more will HYPER increase?
Hyperlane (HYPER) surged by more than 500% in July, driven by the listing on Upbit, a South Korean exchange.
While the HYPER price did not sustain its increase, falling significantly since the high, it bounced today, raising hopes of a bullish trend reversal.
Since the Hyperlane price trades inside a bullish pattern, a breakout from it could take the price to new highs.
Let’s examine the charts and see how likely that is.
HYPER Price Analysis
Since its all-time high in July, the HYPER price has fallen inside a descending wedge, losing nearly 65% of its value.
HYPER’s decline led to a low of $0.23 yesterday, but the price bounced at the wedge’s support trend line today, preventing a breakdown.
Besides the wedge’s support trend line, the bounce coincided with the 0.786 Fibonacci retracement support level, making it an ideal spot for a bullish trend reversal.
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Despite the positive price action, technical indicators remain bearish. On the contrary, the Relative Strength Index (RSI) is below 50, and the Moving Average Convergence/Divergence (MACD) is negative.
Based on the daily time frame, it is unclear whether the HYPER correction has ended or if the price will continue falling within the wedge, possibly breaking down.
Why is HYPER Going Up?
Hyperlane’s wave count supports the possibility of a breakout. It shows the price has completed a five-wave downward movement (red) inside the wedge.
While this indicates that the long-term trend remains bearish, it also suggests a potential breakout and significant rebound.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
