Hyperliquid (HYPE) makes headlines once again due to the recent market action that saw a movement in line with what had been anticipated in the market. A formation in the market had triggered a bearish signal that saw the token move towards a major level before a bounce.
At press time, HYPE is trading at $24.63 with a 24-hour trading volume of $202.84 million. The market capitalization of HYPE currently stands at $8.35 billion. The token has shown a positive increase of 1.08% in the last 24 hours. This comes after a noticeable retreat in the token’s price earlier in the month.
On December 10, Popular crypto analyst CryptoPulse shared a chart outlook on HYPE, showing how it had formed a Double-Top pattern. The analyst said the pattern would be confirmed when the price closes below the neckline on multiple four-hour periods. Shortly after, the pattern played out as predicted, with HYPE falling below and dipping towards the $22 level.
Later confirmation by CryptoPulse revealed a successful outcome for the downward trade as well, as the short position was closed close to the local low. The analyst has made a whopping 20% profit with this trade as well.
Also Read | HYPE Faces Collapse or Surge: Key $20 Level Under Pressure
Meanwhile, another analyst, GainMuse, presented a broader outlook on the structure of the HYPE market. As GainMuse explained, the token has recently rebounded from the bottom line of a long-term descending channel after spending weeks in a tight range. Such a reaction indicates that buyers are entering at an important spot, perhaps preparing the ground for an uptrend.
GainMuse further explained that if this trend of defending the support zone continues, HYPE might try to have a recovery rally towards the descending resistance of the channel. Although confirmation is still pending, the situation at present is at a critical level for HYPE.
Also Read | Bitget Wallet Adds Hyperliquid Integration to Boost On-chain Trading Access
