Hyperliquid (HYPEUSD) Reaches Bearish Exhaustion as It Holds above $21.00Mark

Hyperliquid Price Forecast: May 8

The HYPEUSD pair holds a recovery opportunity as it reaches bearish exhaustion and holds above the $21.00 level with a bullish reversal pattern. The coin has been relatively stable on the upside in the past few days. Thus, a potential breakout from the immediate resistance of $21.13 will support the bullish recovery, if the bulls could increase their efforts in the market. The $21.50 prior high value might be retested, extending to a $22.00 upper resistance value as the coin price grows. Hence, it is a great opportunity and a clear buy signal for long-term investors.

Key Levels:
Resistance Levels: $19.00, $20.00, $21.00
Support Levels: $12.00, $11.00, $10.00

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

The long-term market value of Hyperliquid reaches bearish exhaustion and holds above the $21.00 resistance level, gaining traction towards the overhead region.
The coin price is moving in a bullish direction above the EMA-50 approaching the overhead resistance with huge volumes from the bulls. Thus, the recent market structure has favored the bulls.

In the last session, the pair reached and held the $20.58 resistance level, enabling the coin to remain in an uptrend in its recent high.

Today, the HYPEUSD market presents robust resistance and holds above the EMA-50 at the $21.13 high mark, confirming the bulls’ dominance in the market.

This breakup may accelerate the bullish momentum and extend the ongoing correction to a higher level at $21.50 prior peak barrier.

Additionally, the price of Hyperliquid might increase further as the market price has also reached bearish exhaustion as indicated by the daily signal pointing upwards. In light of this, the token price might bounce up to the $22.00 upper resistance level in the nearby days and beyond in its higher time frame.

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

The coin price presents a strong resistance level as it holds above $21.00 and remains in a bullish market in its medium-term outlook.
Furthermore, the Hyperliquid pair is trading close to upper resistance levels above the 50-day moving average, indicating an uptrend.

The sustained bullish pressure to a $20.58 high level in the last session has led to the coin’s strong resistance in its recent high.

As the 1-hourly chart resumes today, the HYPEUSD pair reaches a high of $20.13 above the supply level, affirming the presence of more buyers in the market giving the crypto a tendency to rise further, as possible future gains are certain.

Further increase in the buying pressure might lead the crypto price to hit the $21.50 previous high level, as it continues to show signs of revitalization.

In conclusion, the bullish correction at the mentioned resistance level is an indication that the bulls are planning to strongly move the price of Hyperliquid to a high level at the upsides, and the $22.00 upper high mark might be the target also in the future in its medium-term forecast.

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