Hyperliquid Price Analysis Powered by AI

HYPE at a Breakdown Edge: Sell-the-Bounce Setup as $29.2 Support Faces Pressure

Current price: $29.47199
Last daily candle (2026-02-10 21:57Z): O 31.3186 / H 31.5244 / L 29.2097 / C 29.4720 → strong red day (~-5.9%) with large range.
Structure (last ~2 weeks): explosive rally into 34.36 (2026-01-28) followed by a sharp distribution/volatility cluster and lower closes.

November–December: broad downtrend from ~39–41 area into the 22.54 low (2025-12-18).
Late Dec–mid Jan: base + recovery to ~28.21 (2026-01-06), then another dip to 20.97 (2026-01-20).
Late Jan: parabolic advance 24.89 → 30.89 → 34.36 (Jan 26–28) on very high volume.
Post-peak: multiple high-volume sell days and failure to hold above 31–32.

The move from 34.36 looks like a local top (blow-off style) followed by lower highs (33.75-ish intraday area failing) and now a lower low relative to the recent consolidation.
Price is now trading back in the pre-breakout zone (~29–31), suggesting the breakout is being retested from above but with weak acceptance.

Implication: short-term trend bias is bearish / corrective, unless price quickly reclaims 31+ and holds.

30.35–30.50: intraday rebound/mean area seen at 17:00; likely first supply.
30.80–31.10: major prior closes and the 2/10 daily open zone; also psychologically important.
31.90–32.60: prior congestion and breakdown area; if reached, expect heavy selling.

29.20–29.25: today’s daily low area (29.2097) = immediate support.
28.30–28.50: prior large daily wick zone (2026-01-30 low 28.29) = next meaningful support.
27.80–28.00: prior swing supports (late Jan/early Feb volatility).

Implication: price is sitting just above a key intraday/daily support (29.2). If that shelf breaks, a fast move to 28.3 becomes likely.

The latest daily candle is a wide-range bearish candle closing near the lower portion of the day’s range.
Intraday sequence shows a persistent drift down from ~31.4 to ~29.5, with only modest rebounds—typical of sell-the-rip behavior.
No clear bullish reversal candle (e.g., hammer with strong close) has printed on the daily close provided.

Implication: probability favors continuation lower or sideways-to-lower, rather than immediate trend reversal.

Recent days exhibit very large daily ranges and huge volumes (late Jan through early Feb), consistent with a post-breakout distribution regime.
Today’s daily range (31.52 → 29.21) is ~7.4% intraday, indicating elevated short-term volatility; in such regimes, failed bounces are common.

Implication: trade selection should respect wider stops/targets; directional edge currently favors shorts until key resistance is reclaimed.

The largest volumes occurred on the late-Jan pump (Jan 27–28) and the immediate aftermath—typical of markup → distribution.
Subsequent high-volume down days (e.g., Feb 5–6) suggest active supply at higher prices.

Implication: rallies into 30.8–31.3 are likely to encounter trapped longs exiting + active short sellers.

(Exact RSI/MACD not computable here with full precision, but momentum can be inferred from the sequence of closes and impulse legs.)

The impulse up into 34.36 has been followed by weaker bounces and sharper selloffs, signaling momentum deterioration.
The break from ~32.4 to ~29.47 in ~2 days is an acceleration move, often associated with momentum bears in control.

Implication: momentum favors downside follow-through over the next 24 hours unless price rapidly reclaims 30.5–31.

Late Jan shows a breakout above ~25–26 base, then a rapid extension to 34.
Current behavior resembles a failed extension / bull trap where price revisits the breakout origin zone (~29–31).
If 29.2 breaks, it confirms a deeper retracement of the entire Jan impulse.

Expectation: small relief bounce toward 29.9–30.4, then sellers defend.
Likely path: grind lower → test 29.2, potential wick through to 28.8–28.3 if stops trigger.
24h bias: bearish.

If price reclaims and holds above 30.80–31.10 (former value area), then a squeeze toward 31.9–32.4 becomes plausible.
Current tape does not yet show that acceptance.

Net: odds favor downside continuation or at best a capped bounce.

With price at 29.47, shorting immediately can be suboptimal because you’re near support (29.2). Better expectancy is often achieved by shorting a bounce into resistance.
Optimal short entry is therefore near the first meaningful supply zone where the downtrend can resume.

Preferred entry zone: $30.35–$30.55 (intraday mean/retest zone and likely first seller defense).

Take-profit logic: target the next major support shelf.

Note: This is technical analysis based solely on the provided OHLCV data; crypto markets can gap/whipsaw materially.