TL;DR
Price Action: Hyperliquid rebounded after HYPE found support near $80, with traders closely watching resistance at $83 for confirmation of a stronger recovery trend.
HIP-3 Markets: Trading activity remained resilient despite an 11% decline in blockchain open interest, and weekly HIP-3 volume increased roughly 58% from $12.4 billion to $19.6 billion.
Market Outlook: Federal Reserve policy expectations, inflation data, and oil prices remain key factors that could influence risk appetite and Hyperliquid’s near-term direction.
Hyperliquid is showing early signs of strength after its HYPE token recovered from a key support zone , giving traders a reason to watch whether the recent correction may be losing momentum. The token gained nearly 1% over the past 24 hours after finding support around $80 , a level that previously helped spark a rally toward a record high in mid-September. Although the latest bounce has attracted attention, market participants are still looking for stronger confirmation before calling for a broader recovery in Hyperliquid.
Key Resistance Level Comes Into Focus
Recent price action suggests buyers are once again defending an area that has proven important in previous market movements. The rebound follows a correction that began in late September and has placed the spotlight on the next major resistance level . According to the supplied analysis, HYPE must reclaim $83 to improve its near-term technical outlook. A sustained move above that level could strengthen bullish sentiment and open the door to a potential advance toward $89.
The technical picture remains mixed. The Relative Strength Index currently stands at 39 , below the neutral 50 mark, indicating that sellers continue to maintain an advantage. Even though the indicator is approaching its signal line, the analysis notes that a crossover alone would not confirm a trend reversal for Hyperliquid.
HIP-3 Activity Remains Resilient
Beyond price action, trading activity within Hyperliquid’s HIP-3 markets has remained relatively firm despite a broader decline in open interest across the blockchain . Open interest on Hyperliquid fell roughly 11% from its September 13 peak of $9.1 billion. However, the decline within HIP-3 markets has been less pronounced in recent weeks. HIP-3 enables trading markets tied to assets outside cryptocurrencies, including stocks and commodities.
Weekly trading volume climbed from $12.4 billion during the week ending October 4 to $19.6 billion the following week , representing an increase of around 58%. The growth highlights stronger activity on Hyperliquid, although the data does not establish a direct relationship between volume growth and demand for HYPE.
Federal Reserve Decision Could Influence Sentiment
Traders in Hyperliquid and other digital asset markets are also monitoring the Federal Reserve’s upcoming interest rate decision . CME FedWatch data shows a 9% probability of a rate increase at the meeting, with more than three-quarters of surveyed analysts expecting a hike in December.
Higher inflation readings and oil prices above $100 have added uncertainty to the outlook . A restrictive policy stance could pressure risk assets, including Hyperliquid, whereas less aggressive guidance may provide support. For now, Hyperliquid remains focused on whether buyers can build enough momentum to push HYPE above the critical $83 threshold.
