Hyperliquid price loses upward trend according to Michaël van de Poppe

Michaël van de Poppe, known as @CryptoMichNL, strikes a cautious tone about Hyperliquid. According to him, the HYPE price is losing its upward trendline, which leads him to adopt a wait-and-see attitude for now. At the time of writing, HYPE stands at $56.98, a decline of 3.1% in the past 24 hours.

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Comparison with previous correction

Van de Poppe draws a parallel with an earlier period when Hyperliquid also lost its trendline. Back then, the price dropped from around €50 to €15, a sharp decline. He indicates that he is deliberately staying passive at the moment and is not taking an aggressive trading position.

On the chart, it can be seen that after a strong rise towards the €65 resistance zone in June, HYPE has fallen back significantly. The price is now moving around €51, just above a support zone of €49. According to the chart, there are two important levels to watch: a resistance zone around €49 if the price breaks out upwards, and a crucial support around €38 to €33 that has played a role several times in recent months.

When does it become interesting?

Van de Poppe makes it clear that there will come a time to trade aggressively, but that is not the case yet. He is waiting for a better entry point before considering a new position. The white dotted line on the chart suggests a possible further decline towards the €33 zone, which corresponds to the Fibonacci 0 level he has drawn in.

For traders monitoring Hyperliquid, patience is key. The trend is currently bearish and Van de Poppe recommends letting the market rage on first before taking action. Whether HYPE will hit €38 or even €33 remains to be seen, but the analyst is keeping a close eye on the situation.