- Hyperliquid price could record a short pullback of over 10% to seek support from the bottom trendline of the channel pattern.
- Hyperliquid’s Long/short positioning metrics indicate a consistent rise in net-long bias since late February.
- The daily exponential moving averages (20, 50, 100, and 200) act as dynamic support for HYPE buyers amid current market uncertainty.
HYPE, the native cryptocurrency of the decentralized exchange (DEX), Hyperliquid, is down 1.4% ahead of Friday’s U.S. market hours to trade at $40.8. The downtick aligns with a broader pullback in the altcoin market as Bitcoin shows a cautious consolidation phase around the $78,000 mark. Despite the slowdown in recovery momentum, the larger investors are steadily building a long position in HYPE-linked perpetual contracts, projecting their conviction in a potential breakout in Hyperliquid price.
Rising Crude Oil Prices Drive Weekend Activity on HYPE Markets
Since last week, the cryptocurrency market has witnessed a notable recovery, which pushed the Bitcoin price above the $78,000 mark. The buying pressure followed de-escalating geopolitical tension in the Middle East as the U.S., Iran, and Israel agreed on a ceasefire, which was recently extended by President Donald Trump to complete further negotiations.
However, the ongoing diplomatic friction has kept the Strait of Hormuz closed, deepening the global energy crisis and pushing crude oil prices back above $100 per barrel. As the weekend approaches, the volatility in crude oil could significantly benefit the Hyperliquid price.
As the platform offers users to trade crude oil perpetual futures (CL-USDC) 24/7 on-chain, the trading volume on Hyperliquid often witnessed a significant increase during Saturday and Sunday, boasting its fee-based buybacks mechanism.
As the Bitcoin price is approaching a potential breakout, the large traders on Hyperliquid’s perpetual markets are taking on aggressive long positions. According to Glassnode data, Long/short bias data indicates a gradual increase in net-long positions since late February, with notable spikes in order size coinciding with efforts to break above resistance.
This buildup has been steady rather than sudden, suggesting a sustainable positioning rather than a short-term approach. Such periods of consolidation with ongoing long build-ups have often triggered a decisive upswing. Although there have been occasional retracements, net positioning has remained positive, reflecting a steady build-up of risk exposure among capital-intensive derivatives traders over the past few days.
Hyperliquid Price Maintains Steady Uptrend Amid Channel Pattern
Since last week, the Hyperliquid price has witnessed a brief pullback from $45.45 to the current trading value of $40.7, registering a loss of 10.5%. If the selling pressure persists, the coin price could plunge another 12% before it seeks bullish support at the bottom trendline of a channel pattern at $36.
Since late January 2026, the channel pattern has provided dynamic support and resistance to HYPE traders, maintaining a steady recovery trend. In addition, the Hyperliquid HYPE1.60% price is currently positioned above the 20-50-100-and-200-day exponential moving average, indicating broader sentiment remains bullish, and the path to least resistance is up.
Thus, the Hyperliquid price holds a higher possibility of a bullish rebound, which may drive its next recovery leap to $50.
On the contrary, if sellers breach the bottom support of the channel with daily candle closing, the selling pressure would accelerate and drag the HYPE price to $28.5.
