Market Direction

Can HYPE reach $36 soon?

Published: Feb 10, 2025

Hyperliquid ($HYPE) is holding support near $21-$23, forming a wedge pattern that could lead to a breakout above $26. If momentum builds, targets at $28 and $36 come into play.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

HYPE is currently holding the $21 to $23 area relatively comfortably. This keeps us bullish on the asset whilst this structure holds.
HYPE is now forming a wedge pattern, that could see us breakout in the coming weeks. However, this will likely need to be supported by positive market momentum.
The $20 level remains the key horizontal support.
A major breakout would come with a move above $26. That would set up a test of $28. A break out of this level, and $36 (previous all-time-highs) would be on the cards.
The RSI has come into a tight range but in the middle territory. Although it is below its moving average.

7. HYPE token daily chart showing wedge formation, support and resistance levels, and RSI, indicating potential breakout zones for traders.

Next Support: $23
Next Resistance: $26
Direction: Neutral
Upside Target: $28
Downside Target: $20

Cryptonary's take

HYPE is an interesting chart here, and overall it's a play we like. However, it may take more time for this chart to develop/play out, and a breakout or a breakdown is likely dependent on the market conditions around the time the price moves into the pinpoint of the wedge. In the meantime, we'll remain patient, and continue to accumulate a bag around the lows - $20 to $22.