Hyperliquid (HYPE) is moving in a consolidation phase despite the changing conditions in the crypto market. According to CoinMarketCap, as of Friday, April 17, its price has declined by 2.43% over the last 24 hours but remains up by 6.09% over the last week.

At the time of writing, HYPE is trading at $43.66, with a trading volume of $335.34 million, which remains stable over the last 24 hours. However, its market capitalization stands at $11.15 billion, which is down by 2.46%.

Source: CoinMarketCap

Also Read: Hyperliquid Records 6.9% of Perpetual Futures OI Share

HYPE Targets $50 as Key Support Holds Firm

Furthermore, the crypto analyst Scient revealed that the digital asset has continued to trade in line with earlier expectations, showing strong resilience around the low $50s, where a key daily support and resistance zone is currently forming. 

Price action here is crucial, as the market decides whether momentum continues or short-term pressure leads to a deeper retracement in the near term.

Source: Scient’s X Post

From a structural standpoint, the best-case situation would be one of consolidation, permitting several weeks or even months of sideways action above the $35 support zone. 

As long as $35 does not break, the general outlook is positive, setting up a better foundation stage that may lead to a sustainable rally in the second half of the year.

Technical Indicators Point to a Strong Bullish Trend

According to TradingView, HYPE exhibits a solid bullish pattern, which is supported by a sustained price action above all key EMAs. 

At the moment, the token is valued at $43.54 after reaching a high of $46.22. Fanned out EMAs such as those of 20, 50, 100, and 200 are clear indications that the asset is experiencing healthy momentum.

Source: TradingView

Volatility is rising due to widening Bollinger Bands, with the price hitting the upper band. Dynamic support comes from the 20-EMA level of $42.10. 

If the pullback turns into something more serious, the next potential support will be the 50-EMA level of $39.84. The price needs to stay above these levels to make a move towards $46.00.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Also Read: 21Shares Updates Hyperliquid ETF Filing, Sets THYP Ticker for Nasdaq Listing