Hyperliquid bounces off $75 with eyes on $83 resistance

Key takeaways

• HYPE rose 1.9% over 24 hours after bouncing from support near $75.
• The token needs to move above $83 to strengthen the case for a recovery.
• A break below $75 could expose the 200-day EMA near $67.50.

Hyperliquid’s HYPE token gained 1.9% over the past 24 hours after reaching a support area around $77, offering buyers a possible opportunity to halt a correction that began in late September.

This same price point also supported HYPE in mid-September before the token climbed to a record high. The latest bounce suggests buyers are once again responding near that threshold, though a sustained recovery has yet to be confirmed.

The immediate test lies at $83. A move past that barrier would improve the short-term technical outlook and could bring a higher target near $89 into focus.

HIP-3 trading activity offers support

Trading activity on Hyperliquid’s HIP-3 markets has remained relatively resilient despite a broader decline in open interest.

Open interest across the Hyperliquid blockchain fell roughly 11% from its September 13 peak of $9.1 billion. However, the decline in HIP-3 markets has been milder over the past couple of weeks, according to the supplied analysis.

HIP-3 facilitates markets for assets beyond cryptocurrencies, including stocks and commodities. Weekly trading volume increased from $12.4 billion in the week ending October 4 to $19.6 billion the following week, marking a rise of roughly 58%, according to Hyperliquid Stats.

This growth highlights stronger engagement in those markets, although trading volume alone does not establish how much demand it generates for HYPE.

The market faces potential volatility surrounding the Federal Reserve’s upcoming interest rate decision and subsequent guidance.

CME FedWatch data shows a 9% probability of a rate increase at the meeting, alongside expectations from more than three-quarters of surveyed analysts pointing toward an increase in December.

Elevated inflation readings and oil prices sitting above $100 have added uncertainty regarding the future trajectory of monetary policy. A more restrictive outlook could weigh on risk appetite, while less aggressive guidance might offer some relief.

Market-implied probabilities and analyst projections remain subject to rapid shifts as new data emerges.

Hyperliquid technical forecast: HYPE needs to reclaim $83

While HYPE’s bounce from $75 provides an initial sign of demand, resistance near $83 remains the more crucial level for buyers to clear.

A sustained move above $83 would reinforce the argument that the ongoing correction is shifting into a recovery. Should momentum persist, the supplied analysis points to approximately $89 as a near-term target.

The Relative Strength Index sits at 39, remaining below the neutral 50 line to signal that sellers still maintain the advantage. Although the indicator is closing in on its signal line, a crossover by itself is not enough to confirm a trend reversal.

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