Strong signs of recovery are being shown by the Hyperliquid (HYPE) token following a brutal correction that wiped out more than half of its value. This digital asset has rallied over 110% since its October 10 crash, managing to break out of a descending wedge technical pattern and rapidly regaining momentum. Its upward movement, which began on October 23, has led the asset to challenge critical levels, as shown by the technical analysis of its chart.
This rebound follows a dramatic 65% drop from its all-time high of $59.42 reached in September, which brought the price down to $20.82. The current bullish momentum is supported by optimistic technical indicators, such as a bullish divergence on the RSI and a positive MACD crossover, suggesting the return of buying pressure. The price recently reached $49.40, approaching a vital resistance at the 0.618 Fibonacci retracement level.
The next immediate hurdle for HYPE is the psychological and technical barrier of $50. If the token achieves a sustained close above $49.45, technical analysts suggest it could confirm a new bullish phase, opening the way towards new all-time highs. In the short term, a brief correction towards the $44 zone is not ruled out, which would be considered healthy before the next bullish wave.
Source: https://coinmarketcap.com/currencies/hyperliquid/
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