The cryptocurrency market has flipped bullish over the last 24 hours as Bitcoin, Ether, and XRP are all in the green.

Hyperliquid’s HYPE is up by 2%, making it one of the best performers among the top 20 cryptocurrencies by market cap.

It is extending the rebound from the previous day and could rally higher in the near term.

However, the recovery lacks market confidence as HYPE’s OI is declining, indicating that the bulls are still skeptical of the market conditions. 

Technical indicators suggest that HYPE could surpass the $30 psychological level in the near term, with further upward movement on the cards. 

HYPE is up by 2% in the last 24 hours and is now trading above $29 despite declining retail interest. 

Hyperliquid is currently struggling to retain retail investor confidence in the short term amid broader pressure in the cryptocurrency market. 

The coin has underperformed despite the HIP-3 release, which offered futures trading of tokenized commodities on the Decentralized Exchange (DEX).

Investors are now awaiting HIP-4, which is expected to introduce prediction markets.

According to CoinGlass, HYPE’s futures market struggles to sustain bullish demand, increasing the risk-off sentiment. 

Official data shows that HYPE Open Interest (OI) stood at $1.31 billion on Friday, continuing its steady decline as traders close positions or reduce leverage, pointing to reduced risk appetite.

With the declining OI, HYPE’s price could suffer downward movement in the near term. 

The HYPE/USD 4-hour chart, similar to the other leading cryptocurrencies, is bearish.

It is trading above the $28.15 support level and is testing the 200-period Exponential Moving Average (EMA) on the 4-hour chart at $29.50.

HYPEis currently up 2% on Friday but continues to trade below its 50- and 200-period EMAs, confirming a prevailing bearish bias. 

If the recovery continues, HYPE could face crucial resistance at the confluence of the 50-period EMA at $29.95 and the descending trendline near $30. 

A breakout above the $30 psychological level could see HYPE rally higher towards the Daily Transactional Liquidity (TLQ) level at $33.40, suggesting a post-breakout upside of roughly 10%.

The momentum indicators are currently bullish.

The Moving Average Convergence Divergence (MACD) has crossed above its signal line on the 4-hour chart, suggesting a renewed bullish intent.

The Relative Strength Index (RSI) is at 48 on the same chart, closer to the neutral zone, as selling pressure wanes. 

However, if the bulls fail to push HYPE’s price above the $30 resistance level, the coin could retest the $28.15 support zone.

Losing this support could trigger a steeper decline toward the next crucial support level at $25.60.

The post Will HYPE stage a breakout above $30? Check forecast appeared first on Invezz

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