Sustained strength: Hyperliquid resists price correction

• The price of the decentralized exchange Hyperliquid (Hype) has successfully resisted the sell-off in the crypto market in recent days. With a price increase of three percent, the altcoin leads the list of the few price gainers.
• Compared to the previous week, the cryptocurrency gained eight percentage points, defying the price weakness in the crypto sector.
• Hyperliquid recently underlined its exceptional position and was able to account for more than a third of blockchain revenue last month.
• Investors seem to be honoring the strength of the DEX and have recently been able to stabilize the HYPE price above the support area between $42.29 and $41.19.
• As long as this area can be defended, the focus remains on the north. If the daily closing price can be above $46.06 and the weekly high of $47.35 is also dynamically overcome, the recent all-time highs of $49.30 will come back into focus.
• A daily closing price above this level would bring the target of $51.23 into focus.
• If the leading cryptocurrency Bitcoin (BTC) can soon recover from its price weakness and Hyperliquid continues its upward movement, the next price target at $58.59 would come into focus.
• If the HYPE price reaches this target in the medium term, the chance of a breakthrough to the maximum price target for the coming weeks at 62.65 US dollars would increase further.
• If the price slides sustained below the support level of $41.20 in the statistically weak trading month of September, the correction is likely to extend to at least $38.97. The probability of a retest of the support area around the monthly low between $36.49 and $35.51 would subsequently increase.
• The bulls must be on hand here to avert a correction extending back to the last interim lows from the trading month of June. The area around $31.78 acts as a key zone on the downside.
• If Hyperliquid proves weak here, contrary to expectations, and continues to slide downwards, a sell-off to the May 21 breakout level between $28.45 and $27.03 threatens. For now, this area serves as the maximum bearish price target.

Sources

HYPE/USDT on Tradingview