With the prolonged fear in the crypto market, the majority of the tokens have encountered bearish waves. The asset’s price movements are losing momentum, which includes Bitcoin (BTC) and Ethereum (ETH) trying to escape the red zone. Meanwhile, among the altcoins, Hyperliquid (HYPE) has plummeted by over 7.68% in the last 24 hours.
Hyperliquid was trading on the upside at around $30.38 in the morning hours. After the bears showed up, the asset’s price fell into the $27.56 range. If the bears stayed here for a longer period, the price may lose further traction and visit the previous support zones.
At the time of writing, Hyperliquid traded at around the $28 mark, with its market cap at $9.39 billion. Additionally, the daily trading volume has increased by over 18.74% to $394.35 million. According to Coinglass data, the market has seen a liquidation of $5.81 million worth of HYPE in this interval.
Can Hyperliquid Turn the Tide and Climb Back Up?
Hyperliquid’s Moving Average Convergence Divergence (MACD) and the signal lines are below the zero line, implying that the overall market momentum is bearish. The buyers are weaker, and the upward moves may struggle to sustain. Moreover, the Chaikin Money Flow (CMF) indicator found at -0.03 hints at a slight selling pressure in the HYPE market. Also, the money flow is negative, not strong, showing that sellers are just a bit stronger than buyers.
The daily Relative Strength Index (RSI) at 29.98 indicates that HYPE is in the oversold territory. The selling pressure has been strong, and a potential price reversal or bounce might occur soon. Furthermore, Hyperliquid’s Bull Bear Power (BBP) reading of -2.16 suggests bearish pressure is dominating the market. The sellers are pushing the price lower, and the downtrend may continue unless a reversal occurs.
If the current bearish trading pattern continues, the Hyperliquid price could descend to the support at around $27.18. A sturdy downside correction might trigger the asset’s price to drop further. Assuming the HYPE bulls take command, the price might likely ascend and find the nearest resistance at the $28.94 range. With the potential upside correction, the price could climb to recent highs.
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