- Hyperliquid's HYPE token has gained 49% monthly, reducing its year-to-date loss to just 15% amid crypto market recovery.
- A Bearish Cypher harmonic pattern is forming on HYPE's daily chart, with the token progressing along the final leg suggesting more upside potential.
- HYPE is currently targeting the pattern's completion point at $24.36, representing a potential 20% gain from current levels around $20.27.
- If HYPE breaks above $24.36 resistance, the next target would be a full recovery to $28.47, implying 41% upside potential.
Date: Fri, May 02, 2025 | 12:12 PM GMT
After a rough start to 2025, where even Ethereum (ETH) tanked by 45% in Q1, the crypto market is finally flashing signs of life. ETH has rebounded by 31% since its April 7 low — and this fresh wave of bullish momentum is now spilling over into major altcoins.
One standout is HYPE, the native token of Hyperliquid’s decentralized exchange. The token has posted an impressive 49% monthly gain, trimming its year-to-date loss to just 15%. But what’s more interesting is that a classic harmonic pattern is now active on the chart — and it’s flashing a bullish continuation signal.
Harmonic Pattern Signals More Upside
Looking at the daily chart, a Bearish Cypher Pattern is forming, but we’re not quite at the reversal point yet. HYPE appears to be progressing along the final leg (CD) of the pattern, which still suggests more room for growth.
The downtrend began around mid-February, after failing to break above the $28.47 resistance level — marked as point X. HYPE then plunged by over 67%, bottoming out near $9.29 (point C) on April 7.
Since that low, the token has been on a strong recovery path, currently trading around $20.27 and steadily marching toward point D, which completes the Gartley pattern near $24.36. If the pattern fully plays out, this would imply a potential 20% upside from the current level.
What’s Next for HYPE?
The $24.36 zone is key — not only does it represent the D point of the Gartley, but it also aligns with the 78.6% Fibonacci retracement level of the earlier XA leg, making it a critical resistance zone. A pullback could occur here if sellers step in.
However, if HYPE breaks above this level with strong momentum, the next logical target would be a full recovery toward point X at $28.47, which is still 41% higher than the current price.
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