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Hyperliquid’s (HYPE) price has remained in a downtrend over the past two weeks, falling nearly 20% from its yearly high as network revenues have slumped. The token has since retraced some losses, but a bearish technical signal on the daily chart raises the risk of further weakness.
According to data cited from crypto.news, HYPE fell 25% to a monthly low of $28.5 on Wednesday last week after reaching a yearly high of $37.8. At the time of writing, the token was trading around $30.2.
The decline has been linked to lingering bearish sentiment across the crypto market following weakness in Bitcoin (BTC). BTC fell through multiple key psychological resistance levels in succession, which dampened investor appetite for other major cryptocurrencies, including HYPE.
HYPE’s price has also fallen alongside weakness in key network fundamentals. Data from DeFiLlama shows that weekly revenue generated by the network dropped 55% to $11.8 million last week. Over the same period, total value locked (TVL) declined from a yearly high of $4.7 billion to $4.24 billion.
A drop in TVL and revenue suggests trading activity on the exchange is cooling. The article notes that lower revenue can reduce the capital available for the platform to buy back and burn tokens, which in turn lowers deflationary pressure—making it harder for the price to recover while sell-side pressure remains elevated.
The short-term outlook described in the article is bearish based on daily-chart indicators. The MACD lines have confirmed a bearish crossover, with growing red histograms indicating that selling pressure is outweighing buyers.
The daily RSI has also entered a descending channel formation and was close to dropping below the neutral threshold. In addition, HYPE price was approaching the 38.2% Fibonacci retracement level at $28.4, calculated from last year’s April low to September high.
The article states that a break below $28.4 could open the door to a move toward $21.10. It frames this as a risk driven by the bearish technical crossover alongside underwhelming weekly revenue, with the target described as nearly 20% below current prices.
Conversely, if HYPE bottoms and rebounds from $28.4, it could retrace toward its yearly high of $37.8. The article adds that such a move would likely require a broader recovery in the crypto market and a resurgence in trading volumes on the Hyperliquid platform to generate the demand needed for a stronger rebound.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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