Price Analysis

Hyperliquid (HYPE) Price Rebounds From Support, But Can Bulls Reclaim $70?

Story Highlights
  • Hyperliquid is testing the upper boundary of a falling wedge, with a breakout above $63 potentially opening the door to $66 and the psychological $70 level.

  • Bullish RSI divergence, overhead short liquidations, and a leverage reset suggest momentum could strengthen if buyers reclaim key resistance.

Hyperliquid (HYPE) price is trading around $59 after rebounding from the lower boundary of a falling wedge, with buyers attempting to regain control following a prolonged correction. The token is approaching a crucial resistance zone near $63, where a confirmed breakout could signal the start of a broader recovery. Besides, the technicals and derivatives also point towards a bullish divergence. Can HYPE capitalize on weakening bearish momentum to reclaim the $63 resistance and extend its recovery?

Hyperliquid Tests Falling Wedge Resistance

Hyperliquid price is attempting to recover after defending the lower boundary of a falling wedge, a pattern that often precedes a bullish reversal when confirmed by a breakout. While buyers have regained some momentum, HYPE remains below a key resistance zone that could determine whether the recovery extends or stalls.

hype price
  • HYPE price is testing the upper boundary of the falling wedge near $59, with a breakout above this trendline likely confirming a shift in short-term momentum.
  • The immediate resistance lies between $62.8 and $63.2, where a previous support zone has turned into resistance. A successful reclaim of this area could open the door for a rally toward $66, followed by the psychological $70 level.
  • The Relative Strength Index (RSI) has formed a bullish divergence, with price recording lower lows while RSI posts higher lows. This divergence suggests selling pressure is weakening, and buyers may be preparing for a reversal.
  • Despite the recovery attempt, HYPE price continues to trade below the 20-period moving average and the upper Bollinger Band, indicating buyers must overcome multiple technical hurdles before confirming a sustained uptrend.
  • Failure to break above the wedge resistance could see HYPE retest the lower trendline near $57, while a breakdown below this support would invalidate the bullish setup and expose the token to further downside.

Short Liquidations Could Fuel HYPE’s Next Move

Hyperliquid’s liquidation map suggests the market’s next major liquidity pool sits above the current price, reinforcing the bullish technical structure. Coinglass data shows a growing concentration of short liquidations between $59.5 and $61.5, with cumulative short liquidation leverage continuing to build toward the $64–65 region. This indicates that a breakout above the falling wedge could trigger a wave of forced short covering, accelerating bullish momentum.

hype price

Meanwhile, long liquidation liquidity below the current price has diminished considerably, suggesting much of the downside leverage has already been flushed out during HYPE’s recent correction. With fewer leveraged longs left to liquidate beneath the market, the incentive for sellers to push prices lower appears to be weakening.

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The liquidation profile aligns with the technical setup, where HYPE is attempting to reclaim the upper boundary of the falling wedge. A decisive move above $59.5–60 could force short sellers to unwind their positions, increasing buying pressure and improving the probability of a rally toward the key $63 resistance zone.

Declining Open Interest Signals a Leverage Reset

Hyperliquid’s Open Interest has continued to trend lower over the past several sessions, falling from nearly $2 billion to around $1.7 billion as HYPE consolidated near the $59 level. The decline suggests that traders have been closing leveraged positions rather than adding fresh exposure during the recent correction.

hype price

This reduction in Open Interest indicates that speculative excess is gradually leaving the market, lowering the risk of another sharp long liquidation cascade. At the same time, HYPE has managed to defend its key support zone, suggesting the correction has been driven more by leverage unwinding than aggressive spot selling.

Can Hyperliquid (HYPE) Price Reach $70?

The Hyperliquid price is nearing a decisive moment as it tests the upper boundary of its falling wedge. A bullish RSI divergence, overhead short liquidations, and declining Open Interest suggest bearish momentum is fading, improving the chances of a recovery.

However, $63 remains the key hurdle. A breakout above this level could trigger fresh buying momentum and pave the way toward $66 and the psychological $70 mark. Conversely, failure to reclaim resistance could see HYPE retest the $57–58 support zone, delaying any sustained recovery.

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