Hyperliquid is trading at $43.60 on April 13, up 2.76% on the 4H session, after printing a high of $46.22 that marks the upper boundary of an ascending channel built from the December 2025 lows near $22. The 4H MACD histogram has compressed to just 0.03, raising the question of whether momentum can sustain a breakout above channel resistance or whether a pullback toward mid-channel support is the more likely outcome.

Hyperliquid (HYPE) price is trading at $43.60 on April 13, up 2.76% on the 4H chart, as a clear ascending channel from the December 2025 lows near $22 carries price into contact with the upper boundary at the $46.22 session high. The MA ribbon is bullishly arranged: SMA 20 at $41.73, SMA 50 at $39.52, SMA 100 at $38.57, and SMA 200 at $38.24 are all stacked below current price. The 4H MACD histogram reading of 0.03 suggests the channel advance is losing upside velocity precisely as it meets its most significant resistance since the channel formed.

Ascending Channel Upper Boundary Test as MACD Momentum Thins

The 4H chart shows Hyperliquid tracing a defined ascending channel across roughly four months, with two parallel upward-sloping trendlines connecting the December 2025 base near $22 to the current upper boundary near $46.22. Each retest of the lower channel trendline produced a recovery, and price has printed successive higher lows that have remained above the full SMA ribbon throughout the advance.

The MACD (12,26,9) signals caution at the current level: the MACD line at 0.72 is barely above the signal at 0.69, producing a histogram of just 0.03. This is a sharp deceleration from the momentum readings that drove the channel advance through March and early April. A histogram this close to zero at a known resistance level can precede either a brief consolidation before a breakout, or a rejection back toward mid-channel support. The bullish flag breakout confirmed on April 8 at $39.50 with a target of $44 has now been achieved, placing price at the next structural test.

Arthur Hayes stated publicly that he projects Hyperliquid could reach $150 by August 2026, citing the platform’s real revenue generation and its ability to take market share from centralized exchanges. Hyperliquid currently holds approximately 40% of total decentralized perpetual trading volume globally.

Key Levels: Support, Resistance, and Price Targets

The immediate resistance is $46.22, the 4H session high and upper channel trendline. A confirmed 4H close above it confirms a channel breakout and opens $50 as the first major target. An extended move above $50 brings the September 2025 all-time high at $59.30 into the medium-term picture.

On the downside, the SMA 20 at $41.73 is the first dynamic support. A 4H close below it brings the SMA 50 at $39.52 into focus alongside the SMA 100 at $38.57 and SMA 200 at $38.24, which together form a dense support cluster between $38 and $39. This zone also aligns with the lower boundary of the ascending channel, making it the critical structural defense for the bull case.

Invalidation: a daily close below $38.24 confirms a channel breakdown and shifts the near-term bias bearish.

On-Chain and Market Data Context

Hyperliquid open interest stands at approximately $1.53 billion per Coinglass data, reflecting sustained derivatives participation. Futures volume over the past 24 hours reached approximately $715 million, consistent with the elevated activity the platform has maintained since HIP-3 expanded its offering to include gold, silver, and crude oil perpetuals. Tokenized assets now represent 33% of total weekly trading volume on Hyperliquid, a record share per Blockworks data, with the protocol’s Assistance Fund directing up to 97% of trading fees into HYPE buybacks.

High Stakes Capital fully exited a 602,421 HYPE position worth $22.9 million near $38, a level now sitting at the SMA cluster and lower channel boundary. The proximity of that whale exit to the current support zone adds structural significance to the $38 to $39 zone as a key floor beneath the ascending channel.

If Hyperliquid secures a 4H close above $46.22, $50 is the immediate target. A rejection at the upper channel with continued MACD compression points to a pullback toward the SMA 20 at $41.73, with the $38 to $39 cluster as the level that must hold for the ascending channel structure to remain intact.