Hyperliquid HYPE rebounds from $75, eyes key $83 resistance level

Key takeaways

• HYPE increased by 1.9% in the last 24 hours, recovering from support around $75.
• The digital asset must exceed $83 to build a stronger argument for a rebound.
• If $75 is lost, the 200-day EMA at approximately $67.50 could become the next support.

Hyperliquid's HYPE token posted a 1.9% gain over the past day after hitting a support zone near $77, giving buyers a potential chance to stop a downturn that started in late September.

That same level provided support for HYPE in mid-September, ahead of its rally to an all-time high. The latest uptick indicates that buyers are once again stepping in around that price, though a full recovery has not yet been confirmed.

The key hurdle ahead is $83. Breaking above that mark would improve the short-term technical outlook and could set the stage for a next target near $89.

HIP-3 trading activity provides support

Despite a broader drop in open interest, trading within Hyperliquid's HIP-3 markets has held up relatively well.

Open interest across the Hyperliquid blockchain decreased roughly 11% from its September 13 peak of $9.1 billion. Over the past couple of weeks, the decline in HIP-3 markets has been more moderate, based on the provided analysis.

HIP-3 enables markets for assets beyond cryptocurrencies, such as stocks and commodities. Weekly trading volume climbed from $12.4 billion in the week ending October 4 to $19.6 billion the following week, marking an increase of about 58%, according to Hyperliquid Stats.

This growth points to higher activity in those markets, though trading volume alone does not determine the level of demand it generates for HYPE.

The market could face volatility surrounding the Federal Reserve's upcoming interest rate decision and forward guidance.

According to CME FedWatch data, there is a 9% probability of a rate hike at the meeting. The same data indicates that over three-quarters of surveyed analysts anticipate a rate increase in December.

Higher inflation readings and oil prices above $100 have added uncertainty regarding the future direction of monetary policy. A more restrictive outlook could dampen risk appetite, while less aggressive guidance might offer some respite.

Market-implied probabilities and analyst expectations can shift rapidly as fresh information emerges.

Hyperliquid technical forecast: HYPE needs to reclaim $83

HYPE's recovery from $75 offers an early sign of demand, but the more critical level for buyers is resistance near $83.

A durable move above $83 would bolster the argument that the correction is transitioning into a recovery. Should momentum persist, the supplied analysis points to around $89 as a near-term target.

The Relative Strength Index currently sits at 39, below the neutral 50 threshold, suggesting that sellers still hold the upper hand. The indicator is nearing its signal line, but a crossover alone would not confirm a trend change.

If HYPE drops below $75, the next technical support to monitor is the 200-day Exponential Moving Average near $67.50.