- HYPE rebounds sharply from sub-$33 dip, peaking near $36 before consolidating.
- Support near $33.60 holds firm, while $36.00 remains key resistance barrier.
- Short liquidations dominate $2.1M purge, signaling bullish pressure during rebound.
Hyperliquid (HYPE) showed renewed strength on June 23, climbing 5.33% to settle at $35.20. This gain came after a volatile 24-hour stretch that saw sharp swings in both directions.
The price dipped below $33.00 early in the session but rebounded with intensity, peaking near $36.00 before entering a tight consolidation phase. This kind of price action often reflects both underlying demand and hesitation from bulls. With growing volume and liquidation spikes, HYPE’s short-term outlook appears charged with opportunity and risk alike.
Support and Resistance Zones Signal Price Sensitivity
The day’s lowest price point around $33.60 has emerged as an important near-term support. It marks the level where aggressive buying reversed the early sell-off. Above that, $34.00 provides a softer floor, tested multiple times throughout the day.
If momentum weakens, the $33.00 mark remains a critical threshold. It’s where buyers previously stepped in heavily, making it a potential buy zone for risk-tolerant traders.
On the upside, $36.00 has formed a visible resistance ceiling. HYPE struggled to break through this level, getting rejected after briefly touching it. The next watch level is $36.50 and beyond. A decisive move above that, particularly with strong volume confirmation, may trigger a new bullish leg.
Indicators Offer Mixed Signals
The technical indicators present a nuanced picture. The MACD line (0.83) has slipped below the signal line (1.89), with a negative histogram. This points to bearish divergence, even in the face of rising prices. It suggests recent momentum may be losing strength.
On the other hand, the RSI stands at 47.63. This neutral zone implies that HYPE is not yet overbought or oversold. While it shows some recovery from oversold levels, it lacks strong upward conviction. Therefore, traders should approach upcoming sessions with a balanced outlook.
Liquidation Activity Hints at Market Sentiment
In the derivatives space, HYPE saw $2.1 million in liquidations over the past day. Surprisingly, all of it occurred in perpetual contracts. Notably, short positions accounted for over $1.5 million of that, showing aggressive squeezes during the rebound. Long liquidations totaled just $628,400, indicating bulls had better positioning.
Exchanges like Binance and Bybit led the liquidation tally, suggesting these platforms are key liquidity centers for HYPE. OKX followed with moderate activity, while Huobi remained largely inactive.
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