Hyperliquid (HYPE) declined after retreating from its recent highs. The cryptocurrency remained below a critical resistance area as increasing volume and mixed derivatives trends prompted interest in whether the decline would continue.
At press time, CoinMarketCap data shows that HYPE is trading at $37.60, recording a decline of 0.97% in the last 24 hours. The trading volume has increased by 92.45%, recording $476.98 million. The total market capitalization of the token is at $9.66 billion, a decline of 0.99%.
HYPE Channel Breakdown Weakens Short-Term Structure
A well-known analyst, Suryapro, highlighted that HYPE had broken down from the four-hour ascending channel. This placed the token in a weaker short-term structure. According to the analyst, the price is currently holding within the $37 to $38 region. The main resistance is between $39 and $40.
The analyst added that the bear case is valid as long as HYPE is below the $40 mark. With this perspective, the price is likely to continue falling to the $30 to $26 region. There is a possibility of the price being rejected at the $39 to $40 region if the bears are still active.
Additionally, another analyst, Bit Bull, also mentioned that there is increasing downside pressure. HYPE had started declining from the $41 mark. However, if this trend is sustained, it is likely that the token will decline to $32. This is part of the near-term downside focus.
The bullish case for HYPE has not been ruled out. According to Bit Bull, there is a possibility that HYPE will recover if it is sustained above the $38.31 mark. In that case, the token is likely to recover to the $45 mark. The analyst said this will result in a double-top formation.
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Derivatives Data Signals Active Leveraged Positioning
According to CoinGlass data, the trading volume increased by 64.07% to $1.87 billion. Open interest rose by 0.67% to $1.60 billion. The HYPE OI-weighted funding rate stands at 0.0045%, indicating that leveraged positions remain positive.
RSI Holds Above 50, MACD Weakens
From a technical perspective, the Relative Strength Index (RSI) shows that the momentum has slowed down from its recent peaks. The RSI is at 57.22. Its moving average stands at 64.88. These values maintained RSI above 50 but with a gap below its moving average.
The Moving Average Convergence Divergence (MACD) indicator also shows that the momentum is slowing down on the daily chart. The MACD line sits at 2.239. The signal line is at 2.319. The histogram reads at -0.080. These values indicated that the MACD line is slightly below its signal line.
However, the focus remains on how the token can break back into the $39 to $40 price range. Until then, the levels on the downside identified by analysts remain in focus.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: HYPE Declines While Traders Watch $43 as Next Major Price Barrier
