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HYPE’s Path Forward – Can It Break the $16 Resistance?
In a recent surge, Hyperliquid token prices have jumped by 50.8% since their lows on April 7th. This uptrend has led many to wonder if HYPE can breach its $16 resistance level.
Currently, the trend for HYPE is bearish in the higher timeframe. The indicators, such as the CMF and MACD, suggest weak bullishness and a preponderance of selling pressure. A recovery under these conditions was deemed unlikely. However, a shift occurred when we transitioned to the lower timeframe, with the 4-hour chart displaying a bullish market structure following HYPE’s surge past $11.46 on April 8th.
Here, the CMF signaled significant buying pressure, and the MACD showed robust upward momentum. If this performance persists, it could be possible that the Fibonacci retracement levels above might not be insurmountable. Despite this, investors should exercise caution due to the bearish trend on the higher timeframe.
Source: https://ambcrypto.com/hypes-path-forward-can-it-break-the-16-resistance/
