HYPE holds steady at 46 dollars, but can it break out soon?

Despite a slight adjustment in the recent trading session, Hyperliquid (HYPE) still maintains its position, stabilizing around the price level of 46 USD. Although it fell by 1.54% in the past day, this change is not unexpected, but enough to draw attention from investors and market followers.

The trading volume of HYPE remains stable at 598 million USD, while the market capitalization fluctuates around 15.4 billion USD. This figure helps HYPE maintain its appeal in the crypto community, although there is no strong breakthrough, it also does not show signs of a sell-off. With the situation as it is, it can be said that HYPE is in a "hibernation" state, not explosively booming but also not sinking into recession.

Last week, HYPE went through a volatile phase as the price rose from 45.5 USD to over 49.5 USD, only to suddenly encounter a strong resistance wall and fall back. This is a clear signal that the market still lacks the strength to break through this strong resistance level, creating a typical stagnation.

Currently, HYPE is fluctuating within a narrow channel, mainly around the price level of 46 – 48 USD, although it has dropped below 45.5 USD at one point but quickly bounced back. This demonstrates that buying pressure still exists, albeit with some caution. However, the fact that the price has not been able to convincingly surpass the 46 USD threshold indicates that the market is seeking a clear signal before it can enter a new phase.

If we look at the technical indicators, HYPE still shows a relatively optimistic outlook. On the daily chart, this currency maintains stability above important EMA lines. The EMA 20 is at 43.39 USD, while the EMA 50 has fallen to 39.01 USD – this opens up opportunities for further growth.

In addition, the price of HYPE is currently trading near the upper Bollinger Bands at 50.31 USD, indicating that this cryptocurrency is entering a slightly overbought territory. This may suggest that the upward momentum could be slowing down, but at the same time, it also shows that the bullish strength is still present. If the price continues to hold above this level, a breakout is likely to occur.

The middle band and lower band of the Bollinger Bands, at 42.62 USD and 34.93 USD, are potential support areas if the market experiences a slight correction. If the price returns to these levels, it could be a good opportunity for investors to seek reasonable entry points.

HYPE price chart | Source: TradingViewIndicators show weak movement in the short term. The RSI is currently at 60.92, indicating there is still potential for a slight increase, but has fallen below the signal line, suggesting that the market may be cautious and cooling down.

The MACD still holds a bullish trend, but the histogram chart is quite weak, indicating that the current market is fluctuating without strong signs of a breakout. This reflects a cautious mindset among investors, as they are still waiting for clearer signals from the market.

At the current time, HYPE is still trading below the 50 USD level, a price point with high psychological significance. The current situation can go in two directions: either this currency will continue to move sideways for a while longer, or there will be a strong breakout above the 50 USD threshold. For those investing in HYPE, this is a time that requires careful attention.

The best strategy right now might be to wait for a clear confirmation signal from the market. Investors can wait for a strong breakout above 50 USD, or look for buying opportunities when the price falls to strong support areas.

Although there hasn't been strong volatility, HYPE is still showing great potential for the future. With stable technical indicators and solid trading volume, this coin still deserves to be followed closely. However, investors need to be patient and only act when there is a clear confirmation signal, as the market is still in a waiting phase.

Taylor