Hyperliquid's Rally Stalls: What's Next for HYPE Traders?
HYPE's rally to $43 has stalled, with the daily structure remaining bearish. The $36 level is acting as a short-term demand zone, while key support levels are identified at $33.10 and $31.18.
At the time of writing, Hyperliquid (HYPE) is up 4.3% over the past 24 hours, but its gains are capped by Bitcoin's (BTC) rejection at the $116,000 resistance level. In the last 6 hours, HYPE has retraced 7.64%, falling from $43.14 to $39.85.
Despite the pullback, trading volume has surged by 30%, indicating heightened market activity. The wider altcoin market has experienced a price bounce in recent hours, and the increased HYPE trading reflects this.
- The DEX saw consistent trading volume in October, according to DefiLlama data.
- The platform dominated the top chains by fees.
HYPE is currently eyeing $33 support after a market-wide pullback, with bulls losing steam.
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Author's summary: HYPE's rally stalls after reaching $43, with key support levels at $33.10 and $31.18.