Predicting a $69.69 Rally in Hyperliquid’s HYPE Token
HYPE, the native token of decentralized exchange Hyperliquid, recently traded significantly below its all-time high. Analysts presented below examine the feasibility of it reaching the $69.69 target by September.
Current Situation and Target
Currently trading just above $43, the HYPE token requires a nearly 60% price surge to hit the $69.69 target before September.
This path seems unlikely based on technical indicators, with only one-third (source: Myriad) of the probability market currently betting on its success.
Why the Uncertainty?
While Hyperliquid has seen substantial growth since its November 2024 launch, including partnerships and strong trading volume, the token’s rapid ascent has seemingly stalled. Predictors suggest conviction remains weak.
Put simply: technical analysis flags several signals suggesting a sustained, large rally is encountering strong resistance.
Technical Analysis Snapshot
Channel Pattern: HYPE trades within an established ascending channel since April. While bullish, projecting significant gains requires breaking beyond the historical norms of this structure.
Momentum Oscillators:
RSI (51): Indicates neutral-to-slightly-bullish momentum. While not overbought, the moderate reading doesn’t support the explosive move needed for the target from current levels.
ADX (21): Signals a weakening trend. Low readings frequently precede pauses or consolidations, making a multi-week 60% surge less probable.
Squeeze Momentum: Currently inactive (off). This factor argues against a breakout accompanied by a powerful move.
Average Directional Index (ADX) Explained: The ADX measures the strength of a price trend.
Below 25 indicates a weak trend; above 25 confirms a trend exists.
An ADX reading of 21 suggests the current momentum, though present, isn’t robust enough to easily sustain the rally required.
Chart Scenarios
Based on the established channel dynamics, if HYPE holds above the channel’s lower support, it’s projected to reach $52-68 by September, falling well short of $69.69 in most likely scenarios.
Key Levels
- Support: $41.50
- Mid-channel resistance: $52.83
- Upper channel resistance: $61.19
- Predicted target zone (outside established pattern): Around $65-68
- Absolute target: $69.69
While crypto rewards the audacious bet, the technical indicators paint a cautious picture for a substantial 60% gain by September.
Disclaimer: Technical analysis involves risk, and past performance is not indicative of future results. This material is for informational purposes only and does not constitute financial advice.
