Key takeaways
- HYPE rose 1.9% over 24 hours after bouncing from support near $75.
- The token needs to move above $83 to strengthen the case for a recovery.
- A break below $75 could expose the 200-day EMA near $67.50.
Hyperliquid’s HYPE token gained 1.9% over the past 24 hours after reaching a support area around $77, offering buyers a possible opportunity to halt a correction that began in late September.
The level also supported HYPE in mid-September, before the token climbed to a record high. Its latest bounce suggests buyers are again responding near that price, although a sustained recovery has yet to be confirmed.
The immediate test lies at $83. A move above that level would improve the short-term technical picture and could bring a higher target near $89 into focus.
HIP-3 trading activity offers support
Trading activity on Hyperliquid’s HIP-3 markets has remained relatively resilient despite a broader decline in open interest.
Open interest across the Hyperliquid blockchain fell approximately 11% from its September 13 peak of $9.1 billion. The decline in HIP-3 markets has been milder over the past couple of weeks, according to the supplied analysis.
HIP-3 allows markets for assets beyond cryptocurrencies, including stocks and commodities. Weekly trading volume increased from $12.4 billion in the week ending October 4 to $19.6 billion the following week, a rise of roughly 58%, according to Hyperliquid Stats.
The growth indicates stronger activity in those markets, though trading volume alone does not establish how much demand it creates for HYPE.
The market faces potential volatility around the Federal Reserve’s upcoming interest rate decision and subsequent guidance.
CME FedWatch data shows a 9% probability of a rate increase at the meeting. It also says more than three-quarters of surveyed analysts expect an increase in December.
Higher inflation readings and oil prices above $100 have contributed to uncertainty about the future path of monetary policy. A more restrictive outlook could weigh on risk appetite, while guidance perceived as less aggressive could provide some relief.
Market-implied probabilities and analyst expectations can change quickly as new information becomes available.
Hyperliquid technical forecast: HYPE needs to reclaim $83
HYPE’s bounce from $75 provides an initial sign of demand, but resistance near $83 remains the more consequential level for buyers.
A sustained move above $83 would strengthen the case that the correction is giving way to a recovery. If momentum continues, the supplied analysis identifies approximately $89 as a near-term target.
The Relative Strength Index stands at 39, below the neutral 50 level, indicating that sellers still have the advantage. The indicator is approaching its signal line, but a crossover alone would not confirm a trend reversal.
If HYPE falls below $75, the next technical support to watch is the 200-day Exponential Moving Average near $67.50.
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