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Hyperliquid (HYPE) Price Forecast: Bears Targeting Levels Below $30
I wanted to share the latest update on Hyperliquid (HYPE). The price recently broke below its ascending trendline—established by connecting multiple lows since early April—on Thursday and declined by 10.34%, closing below the daily support level of $38.87 over the next two days.
HYPE made a slight recovery from Sunday to Monday but failed to close above the daily resistance at $38.87, declining again afterward. As of Wednesday, it continues to trade downward around $37.64.
If the downward trend persists, HYPE could retest its 61.8% Fibonacci retracement level at $34.40 (measured from April’s low of $9.32 to July’s all-time high of $49.88). A close below this level may push the price further down toward its weekly support at $27.49.
Technical indicators support this bearish outlook:
The Relative Strength Index (RSI) reads 39, below the neutral 50 level, signaling strong bearish momentum.
The Moving Average Convergence Divergence (MACD) showed a bearish crossover on July 23 that remains in effect.
However, if HYPE manages to close above the $38.87 resistance, it could extend its recovery toward the July 31 high of $44.70.
I will keep monitoring the situation and provide further updates as they develop.
Best regards,
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