HYPE Holds $43 Support Amid Mixed Momentum and Whale Activity

Hyperliquid’s native token, HYPE, remains in a critical consolidation phase as it defends the $43 support level. The price has maintained its position within an ascending channel, marked by higher highs and higher lows since April, indicating a controlled bullish trend [1]. Recent price action saw a pullback to the lower trendline, where buyers stepped in, pushing the price back above the $43 threshold. This resilience suggests that short-term demand remains intact, though the path forward will depend on whether the bulls can sustain their control in the coming days.

Market dynamics have also shown mixed signals. The 9-day moving average, currently below the 21-day line, points to a slowdown in momentum. However, HYPE has recently moved above its 9-day average, hinting at a possible recovery [1]. On the oscillator side, the Stochastic RSI has dipped into the oversold zone with values at 19.83 and 17.51, raising speculation about a potential reversal. While no crossover has occurred yet, traders are closely watching for a signal that could confirm a bullish turnaround [1].

Significant whale activity has also shaped recent market sentiment. A large wallet recently closed its HYPE position, securing a $13.6 million profit and rotating into 3,322 ETH worth $12.84 million. This shift reflects a strategic move to lock in gains amid uncertainty. Meanwhile, leveraged traders have experienced sharp losses, with one investor reporting a $1 million loss on the same platform [1]. These contrasting outcomes highlight the volatile nature of trading in the current environment.

From a broader perspective, Hyperliquid has continued to solidify its market dominance. The exchange recorded $648 billion in trading volume during Q2, bringing the total over the past year to $1.57 trillion. It now controls more than 60% of the perpetual decentralized exchange (DEX) market, a figure that underscores growing institutional and retail adoption [1]. Despite this, the platform recently faced an API-related issue, though it was attributed to high traffic rather than a security breach. Affected users are to be reimbursed accordingly.

Looking ahead, the immediate resistance for HYPE is set at $44.31, with the 21-day moving average near $45 and a more significant barrier at $46.28. A successful breakout above these levels could pave the way for a test of the $50 threshold, where recent selling pressure has been noted [1]. Conversely, a breakdown below $43 would likely see the price test lower supports at $42, $36, and potentially $32.5, depending on the strength of the bearish momentum.

Analysts remain cautious, emphasizing that while the RSI is in oversold territory, a definitive breakout has not yet occurred [1]. The consolidation at $43 is a crucial test for the bulls, as their ability to defend this level will determine the next phase of HYPE’s price trajectory. With rising volume and buyer interest reported in recent days, the market appears poised for a decisive move, either up or down, in the near term.

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[1] title1: HYPE Holds the Line at $43—Will Bulls Regain Full Control? (https://cryptopotato.com/hype-holds-the-line-at-43-will-bulls-regain-full-control/)

[2] title2: Hyperliquid (HYPE) Charts Reveal $50 Is Still out of Sight (https://www.ccn.com/analysis/crypto/hyperliquid-hype-price-charts-bearish-key-reasons-revealed/)

[3] title3: Hyperliquid (HYPE) Price Forecast: Bulls Eye $52 Breakout ... (https://www.tronweekly.com/hyperliquid-hype-price-forecast-bulls-eye-52/)