Hyperliquid (HYPE) Poised for $53 Breakout as HIP-3 Growth Cuts Fees by 90%
- Hyperliquid consolidates in a tight range, reflecting market indecision.
- HIP-3 Growth Mode slashes fees by 90%, boosting accessibility.
- Price consolidates between Fibonacci levels, signaling a potential breakout soon.
Hyperliquid (HYPE) is moving in a consolidation phase with a slight decline in its value, mirroring the broader market sentiment. Currently, the token is priced at $37.63, with a slight decline of 2.88% over the last 24 hours.
However, the data from Whale Insider revealed that Hyperliquid has launched HIP-3 Growth Mode, slashing transaction fees by 90% to make decentralized trading more accessible. This move aims to attract a broader range of users, from retail traders to institutions, positioning Hyperliquid as a cost-effective alternative to other DeFi platforms.
Another goal of fee reduction is to support growth in new markets, offering new opportunities for users from all over the world to participate in DeFi. By lowering costs for transactions, Hyperliquid not only improves accessibility, thereby contributing to growth, but also creates opportunities for expansion in a more diverse environment. With HIP-3, Hyperliquid is about to establish an example for new markets.
Also Read: Hyperliquid HYPE Eyes Explosive Rebound: Can It Hit $47 Next?
Hyperliquid Under Consolidation Before Potential Rally
From the technical perspective, price is currently consolidating tightly between the 0.382 level (around 40.3) and the 0.5 level (around 34.4), creating a narrow trading range. The resistance at about 47.6 has now been probed several times, although it has not been breached, indicating there is no obvious bullish momentum.
The RSI sits at 48, just below neutral, suggesting weak bullish sentiment and indecisiveness in the market. The price may struggle to break above the 0.382 level (40.3), with support lying below in the region of 28.5, based on the 0.618 Fibonacci retracement. Overall, market activity reveals some bullish market bias, coupled with the possibility of an outbreak in markets on either side.
Hyperliquid Price Action Signals Declining Strength
On the Hyperliquid (HYPE) weekly chart, it can be observed that the uptrendline from the previous lows was broken in the most recent weekly candle, indicating a possible shift in momentum from bullish to bearish. On the Ichimoku cloud, it is observed that prices are below major support levels, indicating less bullish momentum.
Lower highs and lower lows have been observed in the price action, maintaining a downward trend from its peak point of $53.6. The support level is at $37, while the highly important support level would be at about $32, acting as support levels for the wait stage, based on its previous low points.
On the other hand, breaking above the trendline with a retest of $42.6 could target $44-$45, then maybe $53.6. On the other side, breaking below $37 could lead to a correction to $32 or below. Market sentiment, together with market activity, would probably drive these scenarios.
