Hyperliquid (HYPE) has declined 3.6% over the past 24 hours to trade at $26.46, extending its weekly losses amid broader market consolidation. The asset is testing a critical technical support level while trading below key moving averages. Analysts note that holding this support could allow for recovery, but technical indicators like the RSI at 43.03 and a negative MACD show continued bearish momentum and a lack of buying power.
The native token of the Hyperliquid decentralized exchange, HYPE, faces renewed selling pressure as it tests a crucial support zone. The asset’s price action shows continued weakness, with a 24-hour trading volume of $520 million and a market cap of $6.85 billion.
Crypto analyst Alpha Crypto Signal stated that HYPE has entered a price area many were watching. The next step depends on whether it can hold firmly above this support zone or not.
The analyst added that if Bitcoin stabilizes, conditions for HYPE could improve. Technical indicators, however, remain weak and show limited buying momentum currently.
The daily chart Relative Strength Index sits at 43.03, well below the neutral 50 level. HYPE is also trading below its significant moving averages at $31.36 and $33.97.
The Moving Average Convergence Divergence indicator is at -2.58, below its signal line. This positioning signals ongoing short-term selling pressure on the cryptocurrency.
Holding current support levels may help stabilize HYPE’s price action. A clean break below, however, could expose the token to further potential losses.
