Hyperliquid rebounds from $75 as traders watch $83 resistance

Trading activity within Hyperliquid’s HIP-3 markets has shown relative strength despite a wider drop in open interest across the platform.

The HYPE token experienced a 1.9% increase over the previous 24 hours after bouncing off a support zone near $75. This resurgence suggests buyers are again showing interest near that price point, although a definitive, lasting recovery has not yet materialized. The immediate hurdle for the token is the $83 level; successfully moving beyond this resistance would enhance the short-term technical outlook and potentially bring $89 into view as a higher objective.

The token's gain of 1.9% in the last 24 hours followed its contact with a support area around $77, which offered buyers a chance to halt a downturn that started in late September. This price point also provided support for HYPE in mid-September, prior to the token reaching its peak.

In terms of market activity on Hyperliquid, open interest across the blockchain has decreased by about 11% from its peak of $9.1 billion recorded on September 13. However, the decline observed in HIP-3 markets has been less pronounced over the last couple of weeks, according to the provided analysis. HIP-3 enables markets for assets beyond cryptocurrencies, such as commodities and stocks. Hyperliquid Stats reports that weekly trading volume grew from $12.4 billion in the week concluding October 4 to $19.6 billion the subsequent week, representing an approximate 58% rise. While this growth points to heightened engagement in those specific markets, it does not definitively establish the level of demand generated for HYPE itself.

The market is currently facing potential instability due to the Federal Reserve's upcoming interest rate decision and its subsequent commentary. CME FedWatch data indicates a 9% likelihood of a rate hike at the meeting. Furthermore, over three-quarters of analysts surveyed predict an increase in December. Uncertainty regarding the future direction of monetary policy stems from elevated inflation readings and oil prices surpassing $100. A more restrictive stance from the Fed could suppress appetite for risk, whereas guidance perceived as less forceful might offer some easing. It is important to note that market-implied probabilities and analyst expectations are subject to rapid shifts as new data emerges.

From a technical standpoint, HYPE's rebound from $75 signals initial buying interest, yet the resistance near $83 remains the more critical level for buyers to overcome. A firm ascent above $83 would bolster the argument that the correction is transitioning into a recovery phase. If the upward momentum persists, the analysis suggests a near-term target of around $89. Currently, the Relative Strength Index reads at 39, which is beneath the neutral 50 mark, suggesting that sellers still maintain an edge. Although the indicator is nearing its signal line, a crossover by itself would not confirm a trend reversal. Should HYPE drop beneath $75, the next technical support level to monitor is the 200-day Exponential Moving Average, situated near $67.50.