Hyperliquid (HYPEUSD) on the Verge of an Upside Retracement

Hyperliquid Price Forecast: February 4

Hyperliquid (HYPEUSD) price is on the verge of an upside retracement. An upside turnaround in the crypto market is imminent The cryptocurrency is nearing the end of its downward trend and is ready to enter a corrective phase. The upcoming retracement signal can help coin buyers stay steady on the upward return to the $28.17 neckline barrier and remain stable at the upside. Therefore, should the bulls increase their purchasing momentum on the crypto, Consequently, if the bulls increase the buying momentum on the cryptocurrency, the coin price may revert to the bullish pattern and its upward movements may reach an upper resistance level of $30.00, suggesting a strong potential for coin investors..

Key Levels:
Resistance Levels: $21.00, $22.00, $23.00
Support Levels: $18.00, $17.00, $16.00

HYPEUSD Long-term Trend: Bearish (4H chart)

The HYPEUSD is on the verge of an upside retracement and has a bearish posture in the long-term perspective. The price is below the EMA-50, indicating a downward momentum and the high impact of sellers in the market.
The sell traders made a downward move to the $20.64 support level before the end of yesterday’s session. This gave sellers more strength to continue with the trend in its recent low. Hence, the crypto market is approaching oversold and is on the verge of an upside retracement.

The Hyperliquid price dropped even further today, reaching a low of $22.73 below the supply levels as a result of the sell traders’ actions.

Meanwhile, buyers could use the opportunity to purchase the token at a discount to make a bigger profit later on.

However, if a renewed surge in buyers’ interest occurs, the HYPEUSD price may undergo an upside retracement at the $0.00250 low level to retest the prior high of $28.17 level, providing coin purchasers with great recovery potential,

In conclusion, the Hyperliquid pair is on the verge of an upside retracement as the market approaches the oversold region of the daily stochastic, suggesting that the selling pressure may end soon and will compel buyers to resume sooner.

Hence, the next bullish corrective pattern may extend to the $30.00 high mark sooner in its long-term perspective.

HYPEUSD Medium-term Trend: Bearish (1H chart)

Here, on the medium-term chart, HYPEUSD indicates a downward movement and is still on the verge of an upside retracement. This is clear as the price continues to lower below the supply levels.
The market price of Hyperliquid drops further to a $22.81 low mark below the moving averages as the 4-hourly session opens today due to low bullish momentum. Meanwhile, traders who buy the crypto during a bearish market will also make gains in the future.

In addition, the price of the HYPEUSD pair is approaching the oversold region, indicating that an upside retracement is imminent and that the selling pressure is likely to run to an end.

As a result, the HYPEUSD price might finish the selling pressure and retrace from the $22.81 support level to hit the $28.36 peak level and extend to a $30.00 upper resistance in the days ahead as the coin price anticipates a bullish retracement in its medium-term outlook.

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