Hyperliquid [HYPE] In November and December, the price has been on a downward trend. In the first few days of December, prices rose by 24.1% from $29.15-$36.17. However, this wasn’t enough to reverse the downward trend.
The recent Aktuellen AMBCrypto report Bring attention to HYPE monthly unlocks.
It’s not clear how the release of 10,000,000 HYPE each month works. The magnitude of the selling pressure will probably take some time to be fully appreciated. Delphi Digital’s analyst Jason.
Another report The market was cautious, but the whales were a source of HYPE.
Why the HYPE trends remains firmly negative
TradingView: Source for HYPE/USDT
The HYPE-structure was reaffirmed as a bearish structure on the 1-day charts.
The token’s daily chart has shown a pattern of lower highs, and lower lows since October. On Tuesday the 9th December, the most recent lower lowest at $29.15 was broken.
The breach was a sign that there would be more losses. The origin of this downward movement, the $30.35 to $35.36 range, also represents a supply area.
This zone is a strong resistance to any recovery attempt.
DMI was showing a bearish tendency, while CMF was at -0.05. This indicates a large capital outflow.
TradingView: Source for HYPE/USDT
The next HYPE bearish price target is $24.19 based on Fibonacci levels.
Mixed signals are seen on the hourly chart. DMI shows an uptrend but capital flow has shifted to neutral.
In the North, $29.89 ($30.68) and $30.98 ($29.89) were the main short-term barriers.
What bulls have to do to turn the trend around
A recent break in the structure of the bearish pattern on the chart daily has reinforced the downward trend.
For the market to change, it will take a strong rally that goes beyond 36.17. The current daily chart structure, and the capital outflows indicate that this is not the most likely scenario.
Call to Action for Traders: Time to Go Bearish?
Press time, the structure of 1-hour was bullish. Once the structure shifts to the bearish side, traders may want to consider shorting HYPE. You can sell or short HYPE by retesting the resistance at $30.68.
The move could be a few more days.
Last Thoughts
- Hyperliquid’s 1-day price chart shows a bearish trend, while the 1-hour chart has a bullish movement.
- It is important to note that the trend of the longer timeframe will take precedence. Before selling, traders should wait for an indication from this $30 zone.
Disclaimer: All information provided is the opinion and solely of the writer. The author does not provide any financial or investment advice.
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Source: ambcrypto.com
