Hyperliquid price is showing signs of short-term consolidation after a week of selling streak. The HYPE token is now trading at $44.59, with a negligible 0.2% daily gain but a while bearing a 10.65% weekly loss. Market cap now sits at $14.91 billion, while 24-hour trading volume has dropped nearly 18% to $204.66 million, hinting at reduced market participation.
The price action over the last 24 hours has ranged within a narrow band between $43.42 and $45.20, reflecting indecision among traders. However, the 30-day EMA at $44.04 indicates some mid-term stability. Wondering about what should be your next move with HYPE? Read this analysis for all details.
Beyond price action, Hyperliquid’s fundamentals remain super robust. The trading platform hit a record revenue in August, generating $106 million in fees from nearly $400 billion in perpetual contract volume. This marks a 23% increase from July’s $86.6 million, highlighting Hyperliquid’s growing influence in decentralized derivatives trading. Successively, consistent fee growth could provide long-term support for HYPE’s valuation even amid short-term price volatility.
HYPE’s current price of $44.39 is sitting near its 7-day SMA at $44.73 and just below the pivot point at $44.29. The MACD histogram at -0.196 and RSI-14 at 48.77 reflect weak buying momentum, suggesting that bears still have the upper hand.
The $42.40 level, aligned with the 38.2% Fibonacci retracement, is emerging as a critical support zone. A confirmed break below it could trigger accelerated selling toward the next major support at $35.42. On the upside, a close above $45.71 would nullify the bearish outlook and could stage a rebound toward $49.31, with a further stretch of the goal at $56.7.
Traders need to note that, $42.40 is the critical support zone. A break below could further accelerate selling pressure to $35.420.
A close above $45.71 would negate the bearish momentum and open upside targets.
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