HYPE Targets $110 as Bullish Momentum Holds

KEY TAKEAWAYS

•     HYPE has broken above the $75 resistance level and risen to a recent high of $82.48

•     The rising 21-day and 50-day moving averages indicate that long term trend remain bullish, with HYPE trading above both average lines

•     A sustained break above $83 could open the way toward $110 and $125, while a drop below the 21-day SMA could signal renewed signal renewed weakness

Hyperliquid Price Long-Term Analysis: Bullish

The Hyperliquid (HYPE) price has surpassed the $75 mark as bullish momentum holds. The cryptocurrency had previously been trading above the $57 support level after being trapped between the moving average lines. On August 19, the cryptocurrency price rallied and broke above the 50-day SMA barrier, reaching a high of $82.48.

Buyers have successfully broken past the $75 barrier, which has stood unbroken since June 1. On the upside, if the current bullish momentum continues, the crypto asset will achieve highs of $110 to $125.

Currently, buyers are facing resistance at the $83 high. However, if buyers fail to maintain the bullish momentum above the recent high, the altcoin will fall and be compelled to trade sideways near the $75 level. Currently, the altcoin is valued at $82.10.

Technical Indicators:

Major Resistance Levels – $60 and $70
Major Support Levels – $40 and $30

Hyperliquid Indicator Analysis

The cryptocurrency price has risen significantly above the horizontal moving average lines. The horizontal 21-day and 50-day moving average lines have an upward slope, indicating an uptrend. Following the recent price bounce, the 21-day and 50-day SMAs on the 4-hour chart are trending upward. The price bars are hovering above the moving averages. If the altcoin falls below the moving average lines, it will lose value..

What Is the Next Direction for Hyperliquid (HYPE)?

HYPE has increased in value as bullish momentum holds. The cryptocurrency asset rose to a high of $82.50 twice before being rebuffed. Meanwhile, the cryptocurrency price is retracing, remaining above the moving average lines but below the $82.50 barrier.

HYPE is expected to be compelled into a range-bound move for a few days. However, a break below the 21-day SMA support will indicate a resumption of the downturn..