HYPE sits at a crossroads between correction and complete reversal, with bearishness creeping into Hyperliquid price predictions over the past week.
The altcoin has bled 7% on the back of Russia–Ukraine peace talk uncertainty and hotter-than-expected U.S. PPI inflation data, which dented hopes for a September rate cut.
Still, analysts anticipate up to four rate cuts before year-end, with the potential to stimulate new demand for risk assets like cryptocurrencies.
Is Hyperliquid Going to Survive?
The market appears to be betting on a short-term correction, according to Coinglass data, with a long/short ratio of 3.11 on Binance showing over 75% of traders are longing the HYPE price.
This suggests the recent 7% dip was more of a shakeout of weak hands than the start of a full reversal, as derivative traders reload long positions in anticipation of further gains.
On the fundamentals side, the Hyperliquid blockchain continues to build momentum.
DeFiLlama data shows that the total value locked continues to climb towards new highs at $637 million, suggesting continued adoption despite market sentiment.
Hyperliquid Total Value Locked (TVL). Source: DefiLlama.This activity contributes to the use of Hyperliquid as a utility token, adding strong fundamental support for bullishness.
HYPE Price Prediction: $100 Could Still Be In Sight
Hyperliquid now faces a pivotal technical setup with support found at the $42.90 0.5 Fibonacci level, a common bottom marker for corrections.
HYPE / USDT 1-day chart, ascending channel pattern. Source: TradingView, Binance.Momentum indicators, however, remain on edge. The RSI has slipped back below the neutral line, signaling renewed bearish pressure as sellers dictate the short-term trend.
The MACD line is on track to cross below the signal line, a looming death cross that could confirm the start of a more established mid-term downtrend.
A deeper correction to the $38.60 0.786 Fibonacci level may be the next move to retest the lower trendline of the ascending channel that has guided HYPE’s 3-month uptrend.
In whichever case, as bullishness returns in anticipation of September interest rate cuts, another bull run could see the HYPE price advance to retest stubborn resistance at $50.
If flipped to support, $50 would open the door to new price discovery and a potential breakout from the ascending channel, targeting $100 for a potential 130% move from current prices.
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Click Here to Participate in the PresaleThe post Is Hyperliquid Going to Survive the Latest Market Turn? HYPE Price Is Down 7% in a Week appeared first on Cryptonews.
