- Hype increased by 6% after re -testing an important demand zone in less than 48 hours.
- Long/short ratio and 90-day delta pointed to a potential reversal.
Hyperliquid [HYPE] was reflected with a profit of 6% after a successful rejection on an important demand zone for around $ 30.67. The demand zone has seen three separate rejections in the past two weeks alone.
The trend suggests that the level is strongly defended by buyers. On the daily graph, the hype prices are reflected in every rejection, which shows a strong underlying question, where the newest jump is the most optimistic.
Interesting is that Altcoin’s stochastic RSI, one of the most important momentum indicators, was at the time of the over -sold region, which contributed to the probability and size of a potential price reputation.
Historically, this region has a marked reversations of the hypeprijs, especially when followed by a strong purchasing pressure.
Source: TradingView
Momentum -indicators indicate a bullish reversal
The Bullish price movement is supported by positive hype chain data.
The 90-day cumulative volume delta, which measures the difference between purchase and sales volume, indicated the buyer’s dominance.
As the delta rises over time, it indicates stronger buying orders who enter the market, which enhances the persistent bullish reversal.
Source: Cryptuquant
Market sentiment statistics also Lean Bullish. The long/short ratio of the Altcoin was 1.04 at the time of the press, which suggests that hype bulls are still under control.
Although higher with a little, the difference in the volatility of crypto can be sufficient to achieve extra price action with other bullish signals.
Source: Coinglass
Will the hype break above $ 40?
With the trend on its side, Hype could set himself up for another challenge of the barrier of $ 40. However, investors should perceive the volume on the market and the prevailing sentiment.
If the purchasing pressure continues and absorbs the volume, a purpose of $ 40 can be on the cards.
Nevertheless, caution is advised. Unless bulls can continue the current momentum, hype can return to $ 30 – $ 32 for a new retest before he does something definitive.
In the meantime, the combination of a translated stochastic RSI, a dominant buyers trend and a long/short ratio in his advantage is a positive corridor for both hype-traders and investors.
Credit : ambcrypto.com
