Hyperliquid Drops -3.7% But Bulls Eye $50 as Bears Threaten $24
Hyperliquid, currently trading at $45.54 on TradingView, has experienced a 24-hour decline of nearly -3.7%. Despite this, momentum indicators like MACD and RSI hint at a potential turnaround, with a close above the 50-day EMA potentially flipping sentiment bullish and setting the stage for new highs.
The price has been volatile, oscillating between support and resistance zones. Reclaiming $48 could open the path to retesting the $50 barrier. However, if the price fails to hold the $44 to $45 zone, bears could gain momentum towards $42. A potential retest of the $32 to $30 demand zone could decide whether the price rebounds or slides towards $24.
Trading volumes remain elevated at over $600 million, indicating high market activity. Short positions have emerged around $45.25, reflecting growing bearish pressure. Hyperliquid has slipped from a rising wedge, which could pressure the price towards $35.
Hyperliquid's price action is closely watched, with a potential bullish reversal in the cards if key levels are reclaimed. However, bears remain a threat, and a breakdown could see the price test lower levels. Market activity is high, with elevated trading volumes and increased short positions indicating a high level of interest in the cryptocurrency.
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