Crypto
Home›Crypto›Market Structure›Hyperliquid HYPE rebounds after testing support, eyes…
Hyperliquid HYPE rebounds after testing support, eyes higher levels
HYPE/USD was about 30% below its record high near $77 and rose roughly 4% after a test of the bull flag’s lower boundary.
Hyperliquid’s HYPE token showed a rebound after trading down to support levels tied to a bull flag pattern, according to Yahoo Finance. As of Tuesday, Aug. 4, HYPE/USD was down about 30% from a record high near $77 set two months earlier, a move that coincided with weakness across the broader crypto market as traders looked ahead to a potential Federal Reserve rate hike in September.
The report describes HYPE as forming a series of lower highs and lower lows, with the bull flag setup linked to a descending channel after a prior uptrend. After testing the flag’s lower boundary as support this week, HYPE bounced about 4%, which the analysis says increases the odds of a short term recovery toward the flag’s upper boundary, currently around $61 to $65.
Yahoo Finance also points to potential upside levels if HYPE breaks above the bull flag’s upper boundary, noting a possible measured target near $100 that coincides with a 4.618 Fibonacci retracement level. It identifies the 20-week exponential moving average near $54.35 as a key resistance area, while warning that failure to hold the lower trendline could invalidate the bullish continuation setup.
The analysis adds that a breakdown could alternatively validate a symmetrical triangle breakdown structure, with HYPE/USD already broken below the triangle’s lower trendline and “eyeing” a decline toward $45. That downside level is described as a measured target from a breakdown point near $61.75, also aligning with the 50-week EMA and the 1.618 Fibonacci retracement line.