Hyperliquid Price Forecast: HYPE Consolidates Below 50-Day EMA as Bullish Bias Strengthens

Hyperliquid (HYPE) has experienced a pullback of over 1% as of January 7, 2026, consolidating below the 50-day EMA near $30.00. Despite the decline, traders remain cautiously optimistic, with derivatives data indicating strong buy-side dominance. The 50-day EMA is seen as a critical resistance level for the token.

Technical indicators suggest that HYPE is gaining bullish momentum. The RSI stands at 53, having crossed above the 50-level last week, indicating renewed buying pressure. Additionally, the MACD is approaching the zero line, reflecting a steady rise in bullish momentum.

Derivatives data shows an inflow of fresh capital, with the HYPE futures Open Interest (OI) increasing by 7.06% in the last 24 hours to $1.5 billion. This surge in capital indicates increased positioning by both retail and institutional traders.

Why Did This Happen?

HYPE's recent price action is attributed to a mix of technical factors and on-chain activity. The token has broken above a local resistance trendline connecting the November 18 and December 4 highs, rising nearly 6% on January 2. However, it has since pulled back slightly, testing support around $24.

The 12.46M HYPE unlock scheduled for January 6 has also played a role in shaping investor sentiment. While unlocks typically raise concerns about inflation, Hyperliquid has mitigated sell-pressure fears through ecosystem incentives and a $1B treasury fund aimed at buying back the token.

How Did Markets React?

HYPE's price has shown resilience despite the unlock event. The token's ability to reclaim the $24 support level has been interpreted as a bullish sign. Traders are now watching the $26.87 resistance level, which represents a Fibonacci 50% retracement level.

Whale activity has also influenced market sentiment. Recent data shows an increase in the average order size for HYPE futures, suggesting that larger investors are building long positions. This behavior is typically associated with potential upside movement.

What Are Analysts Watching Next?

Analysts are closely monitoring whether HYPE can clear the $30.00 level, which aligns with the 50-day EMA and the Supertrend indicator line at $29.49. A breakout above this threshold could trigger further buying interest and target the 200-day EMA at $34.82.

If HYPE were to retest the broken trendline near $23.50, it could signal a shift in sentiment. However, the current technical indicators suggest that the short-term recovery in HYPE remains intact, with the RSI and MACD showing positive momentum.

Derivatives activity continues to be a key focus for traders. The positive funding rates of 0.0045% indicate that long positions are being held at a premium, which is a bullish sign for near-term price movement.

Investors are also keeping an eye on the broader crypto market. HYPE's performance relative to its peers, such as Lighter, will be an important factor. Lighter recently surpassed HYPE in 30-day trading volume, potentially shifting trader sentiment in the short term.

The overall outlook for HYPE appears to be cautiously bullish, with technical indicators and whale activity pointing to potential upside. However, market participants are advised to remain cautious as short-term volatility is likely to persist.