Hyperliquid's HYPE token is showing signs of recovery after testing the lower trendline of its prevailing bull flag pattern as support.
As of Tuesday, Aug. 4, the HYPE/USD exchange rate was down approximately 30% from its record high near $77, established two months ago. This downtrend coincided with weakness in the broader crypto market, as traders de-risked ahead of a potential Federal Reserve rate hike in September.
Nonetheless, the drop left behind a sequence of lower highs and lower lows, forming what appeared to be a bull flag pattern.
A bull flag pattern develops when price trends lower within a parallel descending channel after a strong uptrend. In technical **** ysis, such a setup resolves when the price breaks above the upper boundary and rises by as much as the height of the previous uptrend.
This week, HYPE bounced by approximately 4% after testing the flag's lower boundary as support, increasing the odds of a short-term recovery toward the upper boundary, currently sitting around the $61–$65 area.
#lower #bull #boundary #support
As of Tuesday, Aug. 4, the HYPE/USD exchange rate was down approximately 30% from its record high near $77, established two months ago. This downtrend coincided with weakness in the broader crypto market, as traders de-risked ahead of a potential Federal Reserve rate hike in September.
Nonetheless, the drop left behind a sequence of lower highs and lower lows, forming what appeared to be a bull flag pattern.
A bull flag pattern develops when price trends lower within a parallel descending channel after a strong uptrend. In technical **** ysis, such a setup resolves when the price breaks above the upper boundary and rises by as much as the height of the previous uptrend.
This week, HYPE bounced by approximately 4% after testing the flag's lower boundary as support, increasing the odds of a short-term recovery toward the upper boundary, currently sitting around the $61–$65 area.
#lower #bull #boundary #support
3 months ago
