As the broader cryptocurrency market rallies and Bitcoin climbs past $80,000, altcoins are once again in the spotlight. One token attracting attention is Hyperliquid (HYPE), which has seen a strong rebound in recent days. But despite a 50% surge from its recent lows, the path ahead isn’t clear-cut. The question many investors are now asking: Can HYPE push past the stubborn $16 resistance, or is this just another bull trap?
Hyperliquid’s price has climbed more than 50% since April 7, rising from a low of $9.29 to hover near the $14–$15 range. This sharp bounce suggests renewed interest in the token, fueled in part by Bitcoin’s breakout above $80,000. Historically, when BTC surges, it often drags altcoins along for the ride — and HYPE appears to be following that trend.
Despite this momentum, HYPE is still in the middle of a larger bearish trend on the daily chart. In fact, for the structure to shift to a fully bullish stance, the price needs to convincingly break above its recent lower high of $16.76. Until that happens, traders should remain cautious.
Several technical indicators offer insight into the current state of HYPE’s market:
On the daily timeframe, the CMF is slightly below -0.05 — a sign that capital outflow is still significant. This suggests that while short-term buying is picking up, larger players may still be pulling money out of HYPE.
The MACD line recently crossed above the signal line, which is typically a bullish sign. However, since both lines remain well below the zero mark, it indicates that the token is still in bearish territory overall.
Analyzing the drop from $17.34 to $9.29, key retracement levels have emerged at $14.27 and $15.62. These are considered critical hurdles that bulls must overcome to shift the narrative in their favor.
While the daily chart suggests caution, shorter timeframes tell a more optimistic story. On the 4-hour chart, HYPE has flipped into a bullish market structure since April 8, when it pushed past the $11.46 mark. This breakout has been supported by increasing volume and a strong upward slope in the MACD, along with a positive CMF — both signs of genuine buying interest.
If this momentum holds, HYPE might soon test the $15.62 level — the next key resistance. A confirmed breakout above this range could open the door to a retest of the psychological $16 level and, potentially, a bullish structure shift.
The $16 level is more than just a round number — it’s the site of the last lower high, which must be broken for a full bullish reversal. Traders looking for a safer entry might wait for a clean flip of $15.6 from resistance to support. This would confirm that buyers are in control.
If HYPE fails to breach resistance and the 4-hour bullish trend reverses, the $12 level becomes a key downside target. This price area has seen a cluster of liquidation activity, meaning it’s likely to attract significant price action if bearish pressure increases.
Data from Coinglass highlights the $14.60–$15.70 zone as a magnetic price area. This range is currently acting as a “liquidation magnet,” where a high volume of leveraged positions could be wiped out. It suggests that prices are likely to gravitate toward this range in the short term, either as a springboard for further gains or a trap for over-leveraged bulls.
On the flip side, the $12 region has seen a growing concentration of liquidations over the past three days. If a pullback occurs, this level could be tested next, making it a key area for traders to monitor.
As always, the fate of altcoins like HYPE is closely tied to the performance of Bitcoin and overall market sentiment. With BTC breaking past $80,000, optimism is returning to the crypto space — but volatility remains high.
Should Bitcoin maintain its upward momentum, HYPE could benefit from increased inflows and speculative interest. However, if BTC falters, altcoins could see sharper declines, especially those like HYPE that are still technically in a bearish structure.
For swing traders, HYPE presents an interesting opportunity — but timing is everything. Jumping in too early could expose traders to downside risk, especially if the token fails to conquer the $15.6–$16 resistance zone. On the other hand, a successful breakout above $16.76 could mark the beginning of a new uptrend, offering a more favorable risk-to-reward ratio.
Long-term investors should remain cautious until the market structure on the daily chart turns bullish. Watching for a retest of support levels and keeping an eye on broader market conditions will be essential for making informed decisions.
Hyperliquid is showing signs of life after weeks of bearish pressure, and the short-term outlook has improved. But the real test lies ahead — can HYPE overcome the resistance between $15 and $16 and turn its trend around? While the potential is there, traders should tread carefully, manage risk, and avoid falling victim to FOMO.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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