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Hyperliquid (HYPE) Smashes Through Symmetrical Triangle, Aims for New All-Time High

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Victor Olanrewaju
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Key Takeaways

  • After dropping 23% from its peak, the HYPE token price has jumped above $25.
  • Indicators show that buyers have regained control, signifying a sustained rally.
  • If HYPE climbs above the overhead resistance, its price could rise.

Since its launch on Nov. 29, 2024, Hyperliquid (HYPE) has become a cryptocurrency to watch. At one point, it was a top-20 token in terms of market capitalization.

But after losing 23% of its value, it is out of the group. However, according to several indicators and key patterns, HYPE appears to be ready to make its next leg up.

This anticipated price action could send the altcoin high above its previous peak if validated. Here is how.

Bearish Trend Seems to be Over

The HYPE price reached an all-time high of $34.96 on Dec. 22.  A few weeks later, it cratered below $20.

However, in the last seven days, the cryptocurrency’s value has increased by 16% while trading above $25. According to the 4-hour chart, HYPE registered this double-digit increase after it broke out of a symmetrical triangle.

A symmetrical triangle forms when two trendlines with equal slopes converge toward a point. This pattern, with its wider base on the left and the narrowing point on the right, indicates potential consolidation before a breakout in either direction.

A breakdown below the lower trendline typically results in a correction. But in HYPE’s situation, it broke out of the upper trendline when the price hit $23.40.

Hyperliquid price analysis
HYPE/USDT 4-Hour Chart | Credit: TradingView 

As shown in the same chart above, HYPE price also surged past $25 due to the rising reading of the Bull Bear Power (BPP). The BBP measures the strength of bulls (buyers) compared to bears (sellers).

When the reading is negative, bears have the upper hand. However, as of this writing, the BBP is positive, indicating that bulls are in control. If bulls sustain dominance, then HYPE’s price will likely trade higher.

HYPE Price Prediction: $40 on the Radar

Technical indicators observed from the daily chart also seem to present a bullish outlook.

Between Jan. 23 and 29, HYPE’s price dropped below the 20-day Exponential Moving Average (EMA), an indicator of a trend.

When it rises above an asset’s price, it means that the trend is bearish. The position during this period aligned with the drop in the Chaikin Money Flow (CMF) to the negative region, suggesting that HYPE faced intense selling pressure.

However, as of this writing, the altcoin has risen above the 20 EMA (blue), indicating that the bearish thesis has been invalidated. In addition,, the CMF reading is back in the positive region at 0.03.

Should the token sustain this trend, it could breach the overhead resistance at the 0.786 Fibonacci level. If validated, then HYPE’s price might retest it all-time high and probably rise toward $40.

HYPE price eye new all-time high
HYPE/USDT Daily Chart | Credit: TradingView 

On the flip side, if HYPE drops below the 0.618 Fibonacci level, this prediction might not come to pass.

Instead, the altcoin is likely to undergo an intense correction that could send it down to $15.08

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.
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Victor Olanrewaju

Victor is a reporter at CCN. Currently residing in Lagos, Nigeria, Victor focuses on writing news and providing readers with on-chain and technical analysis. Before he joined CCN, he worked as an analyst at BeInCrypto and AMBCrypto. He published several pieces at these outlets detailing investor behavior and analyzing price action across different cryptocurrencies. Victor holds a Bachelor's degree in Physics from the University of Ibadan. With his background, he finds it seamless to break down technical terms into simpler words while keeping readers engaged.
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