- HYPE continues its downward trend, reflecting ongoing declines over the past week amid a bearish market sentiment.
- Trading volume surges by 54.17%, reaching $825.58 million, signaling active investor participation despite the price drop.
- Analysts target the $29 support zone, with RSI and MACD indicating mounting downward pressure on HYPE’s price.
Hyperliquid (HYPE) is currently trading at $33.75, having decreased by 10.35% in the last 24 hours. The coin has also fallen by 23.69% over the past week, a sign of ongoing downfall. However, there is an indication of resilience in the market that is evidenced by a substantial increase in the trading volume.
Source: CoinMarketCap
The trading volume has increased by 54.17%, and it is now standing at $825.58 million. This growth is indicative of high investor activity and indicates that even as HYPE decreased in price, traders were still actively trading and speculating in the movement.
HYPE Struggles with Bearish Momentum
Crypto analyst CryptoPulse highlighted that HYPE has lost its bullish channel and has not been able to regain it. This move is validated by volume, which supports the bearish view. Relative Strength Index (RSI) has fallen below 50, and Moving Average Convergence Divergence (MACD) is in full bearish mode. The two indicators point to mounting downward pressure on the price of the coin.
Source: X
Analysts have set a target for the $29 support zone. They anticipate the retest of the support/resistance flip before additional drops. The pessimistic mood in the market implies that the price will probably fall further. Traders are exercising caution, while cryptocurrency struggles to recover its performance following the recent downturn.
Also Read: Australia Cracks Down on High-Risk Crypto ATM Amid Massive Fraud
Moreover, another analyst, Trader Tim, mentioned that HYPE is weak and on a downward trend. Although he has admitted that the market conditions can change rapidly, he is sure that currently the prospects are not bright. The comments of Tim reflect a broader sentiment among traders who are skeptical of any rapid rebound.
Source: X
HYPE Faces Low Demand as Funding Rate and Open Interest Drop
CoinGlass data shows that trading volume has surged 61.17% to $2.29 billion. However, open interest has fallen 9.74%, and it currently stands at $1.28 billion. This reduction in open interest is an indication that investor confidence might be declining. The HYPE OI-Weighted funding rate is low, at 0.0081%, which implies that there is low demand on leveraged positions.
Source: CoinGlass
During the previous 24 hours, the liquidations were $26.98 million. The long positions totaled $16.77 million, and the liquidated short positions amounted to $10.22 million. These data show the increased volatility in the market of HYPE. With the coin struggling, traders are keenly monitoring any indication of recovery or further downward drops.
Source: CoinGlass
Also Read: Litecoin (LTC) Shows Stability, Preparing for Breakout Toward $112 Resistance
