Hyperliquid price is battling volatility near $45, with participants watching $40 and $50 levels closely as momentum shapes the next major move.

Hyperliquid has entered a volatile phase, swinging sharply between support and resistance zones as market participants weigh its next big move. With price recently hovering around the $45 mark, participants are torn between bearish signals from chart patterns and renewed hopes driven by momentum indicators.

Hyperliquid Price Today and Technical Overview

Brave New Coin data shows Hyperliquid trading at $45.54 with a 24-hour decline of nearly -3.7%. The chart highlights significant intraday volatility, with multiple attempts to push back above $47 quickly meeting resistance. Trading volumes remain elevated at over $600 million, underlining how active the market has become around these levels.

Hyperliquid’s current price is $45.54, down -3.74% in the last 24 hours. Source: Brave New Coin

The broader structure suggests HYPE is trying to stabilize after repeated dips, but the lack of clean higher lows makes this battle uncertain. If price fails to hold the $44 to $45 zone, bears could gain momentum towards $42, whereas reclaiming $48 would open the path to retesting the $50 barrier.

Rising Wedge Breakdown Raises Concerns

James Wynn pointed out that HYPE is breaking down from a rising wedge on the daily chart. His analysis also highlights the rapid growth of ASTER, which is gaining market share and challenging Hyperliquid’s lead. This narrative has amplified concerns that HYPE may struggle to maintain its current valuation.

Hyperliquid slips from a rising wedge, with analysts warning of downside targets between $35 and $20. Source: James Wynn via X

From a technical perspective, the wedge breakdown could pressure the price towards $35, and if momentum accelerates, it could target $24 to $20 levels.

Key Support Levels in Focus

HYPE has already slipped below its ascending trendline, a development that traders cannot ignore. Crypto analyst Don’s roadmap projects potential retests of the $32 to $30 demand zone before any sustainable bounce. Interestingly, his model suggests that while short-term pain may continue, a recovery could eventually spark a new leg higher.

HYPE tests critical support at $32–$30, a zone that could decide whether price rebounds or slides towards $24. Source: Don via X

The analysis underlines the importance of the green support box around $32 to $30. Holding this level could form the foundation for a rebound, but failure would likely expose $24 as the next major zone. Don’s work keeps the door open for both outcomes, but emphasizes patience until structure confirms direction.

Short Position Signals Growing Bearish Pressure

In another post, James Wynn revealed that he had opened a short position on HYPE, citing ASTER’s rapid growth and the looming November token unlocks as bearish catalysts. His move reflects broader market skepticism, with many traders preparing for more downside pressure in the near term.

Hyperliquid faces mounting bearish pressure as short positions emerge around $45.25. Source: Wynn via X

The short entry at $45.25 shows confidence in the breakdown narrative, even though liquidations above $47 would invalidate the setup. Wynn’s stance shows that the bias for the crypto community is starting to flip bearish, caused by ASTER’s uptick in demand.

Contrary View: Momentum Indicators Point to Recovery

Not all perspectives are bearish. Analyst Lark Davis highlighted that HYPE has already bounced from the $40 support zone, with momentum indicators showing early signs of life. Both the MACD and RSI are attempting to turn upward, suggesting the sell-off may be cooling.

HYPE rebounds from $40 support, with MACD and RSI hinting at a potential shift back toward bullish momentum. Source: Lark Davis via X

Davis notes that a close above the 50-day EMA (blue line) could flip sentiment back to bullish and set the stage for new highs. This contrary view offers hope to bulls, who argue that volatility is part of a healthy consolidation phase before the next leg higher.

Final Thoughts

Hyperliquid stands at a crucial crossroads. On one side, bearish structures like the rising wedge breakdown and short positioning add weight to downside risks. Rival competition from ASTER only increases pressure, leaving HYPE vulnerable if support zones fail.

On the other side, indicators like RSI and MACD hint that momentum could be turning back in favor of buyers. If the $40 to $42 support range holds, a recovery towards $50 to $55 is not out of reach, especially if sentiment improves and volumes sustain.

For now, HYPE remains a battleground between bulls and bears. Participants should watch $40 on the downside and $50 on the upside as the key levels that will dictate Hyperliquid Price Prediction.