Hyperliquid Shows Strength Amid Market Downturn, Eyes $40 Target

Hyperliquid (HYPE) is currently showing signs of strength despite the overall downturn in the crypto market, indicating a potential gain for its investors. The technical analysis of the cryptocurrency indicates that it is currently entering a stronger bullish trend.

Hyperliquid is holding its ground despite the overall downturn in the crypto market, trading at $35.06 with a volume of $2.52 billion on February 6. The current market capitalization of the cryptocurrency is at $9.12 billion, with a market dominance of 0.41%, while its price increased by 4.07% in the last day.

Hyperliquid Shows Strength Above $30 Support

HYPE remains within an ascending price channel, suggesting the coin is poised for further growth, as per a recent post by CryptoPulse. As long as HYPE sustains itself above the $30 support level, the target of $40 is well within reach, according to analysts. The bullish outlook contrasts with the general market pressure impacting other altcoins, offering potential opportunities for traders seeking.

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Sustained Break Above $50 Confirms Uptrend

Technical analysis suggests that HYPE has possibly completed a correction wave (wave 2) and is on the verge of a stronger wave of growth (wave 3). Analysts are closely following key levels, which suggest that a sustained break above $50 would confirm the continued positive trend, while a break below $20 would negate the current positive forecast. 

Based on current market trends, the latter is highly unlikely in the short term, further instilling confidence in the market. The market performance of HYPE also points to the overall market dynamics, where certain selective altcoins are able to perform better despite the overall stress being experienced in the market. 

In the long term, projections place HYPE above the $100 mark, which would be fueled by increased adoption, high liquidity, and market consultation. CryptoPulse suggests that careful observation of price channels and trading volumes would provide early warnings to investors looking to enter or exit the market.

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