Hyperliquid bounces off $75 with $83 as key resistance

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 climbed 1.9% over the past 24 hours after finding a support zone around $77, giving buyers a potential chance to halt a correction that started in late September.

This same level provided support in mid-September ahead of the token’s climb to a record high. The latest bounce implies that buyers are stepping in near that price once more, though a lasting recovery has yet to be confirmed.

The immediate test for the asset sits at $83. Breaking past that barrier would enhance the short-term technical outlook and potentially bring a higher target around $89 into focus.

HIP-3 trading activity offers support

Trading activity across Hyperliquid’s HIP-3 markets has held up relatively well despite a wider drop in open interest.

Open interest across the entire Hyperliquid network decreased by approximately 11% from its September 13 peak of $9.1 billion. Meanwhile, the pullback in HIP-3 markets has been more moderate over the last couple of weeks, based on provided analysis.

HIP-3 facilitates markets for traditional assets outside of cryptocurrencies, such as stocks and commodities. According to Hyperliquid Stats, weekly trading volume jumped from $12.4 billion for the week ending October 4 to $19.6 billion the following week, marking an increase of roughly 58%.

While this growth highlights increased engagement in those specific markets, trading volume on its own does not determine how much direct demand it generates for HYPE.

The broader market also contends with prospective volatility surrounding the Federal Reserve’s upcoming interest rate announcement and subsequent economic guidance.

Data from the CME FedWatch tool indicates a 9% chance of a rate increase at the meeting, alongside projections from more than three-quarters of surveyed analysts pointing toward a hike in December.

Elevated inflation figures and crude oil prices exceeding $100 have fueled uncertainty regarding the trajectory of monetary policy. A stricter outlook could dampen risk appetite, whereas milder guidance might offer some relief.

Market-implied probabilities and analyst forecasts remain subject to rapid shifts as fresh information emerges.

Hyperliquid technical forecast: HYPE needs to reclaim $83

While HYPE’s rebound from $75 demonstrates early buying interest, overcoming the resistance barrier near $83 remains critical for market participants.

A sustained breakout above $83 would reinforce expectations that the current correction is transitioning into a renewed recovery phase. Should upward momentum persist, data points to roughly $89 as the next near-term objective.

The Relative Strength Index currently reads 39, remaining below the neutral 50 threshold to signal that sellers maintain control. Although the indicator is moving toward its signal line, a crossover on its own is not enough to validate a full trend reversal.

Should HYPE drop beneath $75, the subsequent technical support level to monitor is the 200-day Exponential Moving Average located near $67.50.

Short FAQs

What caused HYPE to rebound recently?

HYPE rose 1.9% over a 24-hour window after bouncing from a support zone near $75 (referenced elsewhere in the text around $77), giving buyers an opportunity to slow a correction that began in late September.

What price level does HYPE need to clear for a recovery?

The token needs to break above the $83 resistance level to improve its short-term technical outlook and target a move toward $89.

What happens if HYPE falls below $75?

If the token drops beneath $75, traders will look to the 200-day Exponential Moving Average near $67.50 as the next level of technical support.

What is HIP-3 trading activity?

HIP-3 markets support non-crypto assets like stocks and commodities. Weekly volume for these markets surged roughly 58% from $12.4 billion to $19.6 billion in October, showing resilient activity despite a drop in wider network open interest.