Hyperliquid's (HYPE) prices have been steadily falling, with a recent low of $20.

Bearish analysis of HYPE prices over the long term

Before the decline of January 20, the altcoin traded sideways over the $22 level. The price of the cryptocurrency is correcting upwards in order to retest, or even break through, the $22 support level. If buyers maintain bullish momentum over $22, HYPE's trading range will return above this level.

If the altcoin does not surpass $22, then it will continue to be under selling pressure. The altcoin is likely to test its previous low of 20 dollars. If the bearish momentum continues, then the price could fall even further to $17.

Technical Indicators

Analysis of HYPE Price Indicators

The price of the cryptocurrency remains below moving averages that are sloping downwards, and which have rejected recent upswings. The price bars on the 4-hour chart are located between the moving average lines. While it is stuck between these moving averages, the cryptocurrency price will likely remain range-bound.

What is the future direction of HYPE?

HYPE is likely to continue its decline if the $22 support is lost. The bulls took advantage of the lows to push the price up.

The cryptocurrency price on the 4-hour chart is correcting up after breaking through the $22 mark, but it remains contained between the moving-average lines. The bullish momentum will likely meet resistance at the $24 level.

Disclaimer. Disclaimer: This is a personal opinion of the author. The author collected the data and it is not sponsored by a company or token developer. This is not an endorsement of CryptoGuestPosts and does not constitute a recommendation for the purchase or sale of cryptocurrency. Before investing in funds, readers should conduct their own research.