The cryptocurrency Hyperliquid (HYPE) is trading in a prolonged corrective phase, having declined from highs near the mid-$40s toward a key support zone between $21 and $22. Technical indicators are currently bearish, with price below key moving averages, the RSI in the low 40s, and the MACD negative. Analysts note that traders are closely watching the $28 support level and the $30 to $30.50 resistance band for the asset’s next directional move.
The cryptocurrency Hyperliquid (HYPE) remains in a prolonged corrective phase, according to data from TradingView. The asset has maintained selling pressure for several months, forming a pattern of lower highs and lower lows after reaching near the mid-$40s last year.
The price has since weakened toward the $21 to $22 region, which now represents a crucial historical support level. A rebound in February proved to be a brief relief rally, as buyers failed to hold above key resistance areas near $35 to $38.
Technical indicators currently favor sellers, with the price below key exponential moving averages. The 14-day Relative Strength Index (RSI) is positioned in the low 40s, suggesting room for further price weakness before becoming oversold.
The Moving Average Convergence Divergence (MACD) indicator has also turned negative again. This follows a brief bullish crossover earlier in the month that subsequently failed, with the MACD line falling back below its signal line.
Market observations highlighted by Ardi indicate the immediate floor for HYPE is at the $28 level. “If the price drops below this level, the downward pressure will increase, and the next possible level will be indicated at $23,” the analysis stated.
A decisive move above $30.50 would be required to challenge the existing downtrend structure. Traders are currently watching the $28.50 level as a potential point for a recovery attempt.
