- After retesting a critical demand zone within 48 hours, HYPE grew by 6 percent.
- A potential reversal was indicated by the Long/Short and 90-day Delta.
Hyperliquid [HYPE] After a rejection of a critical demand zone around $30.67, the stock has recovered with a gain of 6%. In the past two weeks, three different rejections have been recorded in the demand zone.
This trend indicates that this level is strongly being defended by the buyers. The daily chart shows HYPE’s prices bounce back with each rejection. It indicates strong underpinning demand.
Interesting, at the time this article was published, the stochastic RSI for the altcoin, one of the most important momentum indicators, fell into an oversold zone, increasing both the likelihood and the magnitude of a price reversal.
In the past, this area has been a place of HYPE, or reversal in price, particularly when coupled with strong purchasing pressure.
TradingView
Momentum indicators point to a bullish turnaround
Positive HYPE-on-chain data supports the price bullish movement.
This is a good indicator of buyer dominance.
The rising delta signals a stronger influx of buy orders, which reinforces the bullish trend.
CryptoQuant
The market sentiment indicators are also bullish. Altcoin’s long/short ratio was 1.04 as of press time. This suggests that the HYPE bulls remain in control.
Although the volatility of crypto is higher, it can still be sufficient to cause additional price movement with other bullish signs.
Coinglass
How much will HYPE rise above $40?
HYPE may be able to break the barrier of $40 with its trend. Nevertheless, the investor would be wise to monitor the level of activity on the stock market as well as the mood.
If volume and buying pressure continue, then a target of $40 is possible.
Although caution is still advised, it’s best to be cautious. Unless bulls can continue the present momentum, HYPE may return to $30–$32 for another retest before doing anything definitive.
HYPE investors and traders can benefit from a combination of a stochastic RSI that is oversold, a strong buyers’ trend and a favorable Long/Short ratio.
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Source: ambcrypto.com
