Technical analysis of Hyperliquid: resistance at $23.13 and key levels to watch

Source: CritpoTendencia Original Title: The Market Pulse: Hyperliquid prepares for a larger retracement Original Link: Hyperliquid’s price showed a recovery after the cryptocurrency market decline that began last Sunday. This Tuesday, January 20th, the token hit a low around $20.51, then rebounded to reach a high close to $23.08, representing an increase of over 12%.

However, after reaching that level, the price encountered a significant resistance that halted the momentum and could reactivate selling pressure in the short term.

In this scenario, it is crucial to analyze Hyperliquid’s current structure, identify the areas of greatest interest for traders, and assess whether the recent movement can extend upward or if, on the contrary, it is a technical rebound before a new correction.

HYPE funding rate levels recover

The weighted funding rate chart by open interest for HYPE shows that, during most of the analyzed period, rates have remained in positive territory, indicating a predominant bias toward long positions.

However, this behavior has not been linear. Recurrent spikes of high funding are observed, followed by quick normalizations, suggesting a market with high position turnover and intensive leverage use, especially during impulsive price movements.

In the more recent segments, funding again shows abrupt rebounds, even with brief incursions into negative territory, reflecting liquidation episodes and leverage reinitialization.

This type of dynamic usually appears when the market tries to stabilize after volatile movements and indicates that, although interest in trading HYPE remains high, the directional conviction is not yet solid. This increases the likelihood of erratic movements until funding stabilizes without extreme spikes.

Technical analysis: levels to watch in the coming hours

Analyzing the price action of the HYPE/USDT pair, it is observed that the asset is rejecting a key resistance zone around $23.13. If it fails to break above it, the most likely scenario is that the price enters a consolidation phase, with immediate support at $22.06.

Additionally, the RSI (14) is moving out of overbought levels and returning to neutral zones, suggesting a slowdown in the bullish momentum. However, this scenario should be approached with caution, as the increased volume in recent candles indicates new capital entering the market, a factor that could reactivate volatility in the short term.

In a bullish scenario, if the price decisively breaks the resistance at $23.13 and confirms closes above that level, the next technical target is around $25. This zone attracts high interest and, if turned into support, could enable a move toward the $27 area.

Conversely, if selling pressure intensifies and the price loses support at $22.06, it will be key to monitor the $21.23 zone. A clear break below this level would increase the risk of a bearish extension toward the previous low around $20.51, from where the market could seek a new equilibrium point.