Key Insights:
- HYPE holds above the 0.618 Fibonacci level near $30.60, keeping the broader uptrend intact despite cooling momentum after rally.
- Open interest reset from $2.6 billion peak to $1.31 billion, signaling reduced leverage and potentially steadier price conditions ahead.
- A breakout above $32.73 could extend gains toward $34.50 and $36.00, while $29.20 remains pivotal mid-range support.
Hyperliquid’s HYPE token trades near $31 after a rapid advance stalled below $33. Price surged from the $27 region and reached $32.73 before sellers capped the move. Consequently, the market now shifts from expansion to consolidation as traders assess the next directional push.
The pullback has not erased the broader bullish structure. Instead, price now tests key retracement levels that could determine whether momentum resumes or cools further.
Key Fibonacci Support in Focus
HYPE currently reacts around $30.67, which aligns with the 0.618 Fibonacci retracement of the recent impulse leg. This zone now acts as immediate support for short-term structure. As long as buyers defend this area, the uptrend remains technically intact.
A firm hold above $30.60 keeps the path open toward $31.85 and the $32.00 intraday barrier. Moreover, a decisive break above $32.73 would confirm renewed upside strength and likely extend the move toward $34.50 and $36.00.
Downside Levels Gain Attention
However, a sustained move below $30.60 would increase pressure on $29.20, which marks the 0.5 retracement. Additionally, deeper structural support stands at $28.38 and $27.35, where prior consolidation formed.
Source: TradingView
A loss of $29.20 would weaken near-term sentiment and shift focus back to range trading conditions. The price structure would then depend on whether buyers re-enter near the previous base.
Momentum indicators still show a trend environment. The Average Directional Index reads near 35, which signals strong directional conditions. Nevertheless, the recent pullback reflects cooling after a sharp expansion.
If the index remains elevated while price stabilizes above support, buyers may regain control. Hence, compression within the $30 to $32 band could precede another volatility expansion.
Open Interest Resets
Derivatives data shows leverage has reduced from prior highs. Open interest peaked near $2.6 billion during the rally before falling sharply to $1.3 billion in a mid-cycle flush.
By early March, positioning stabilized near $1.31 billion. This reset suggests lower speculative excess and may support steadier price action if demand strengthens.
Spot market flows reveal persistent outflows from mid-summer through autumn, with the largest capitulation in mid-October. Brief inflows followed rebounds, yet conviction remained moderate.
Early February recorded selective accumulation, although net flows stayed slightly negative into March. Additionally, Arthur Hayes maintains a long-term bullish stance and projects $150, even as he trimmed part of his exposure for risk management.
HYPE now trades within a decisive zone where price compression and reduced leverage set the stage for the next structural move.
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