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The share of Hyperliquid has decreased by more than 7%, currently trading at $28.
In contrast, the daily trading volume of Hyperliquid's stock has increased by more than 18%.
With the ongoing fear in the cryptocurrency market, most currencies have seen a sharp decline. Their price movements are losing momentum, including Bitcoin (BTC) and Ethereum (ETH), which are trying to emerge from the downturn. Meanwhile, the price of Hyperliquid (HYPE) among alternative currencies has decreased by more than 7.68% in the last 24 hours.
The price of Hyperliquid was trading at a high level of around $30.38 in the early hours of the morning. After sellers entered the market, the price of the currency dropped to a range of $27.56. If this decline continues for longer, the price may lose more momentum and return to previous support levels.
At the time of writing this report, the price of Hyperliquid was trading at around $28, with a market capitalization of $9.39 billion. Additionally, the daily trading volume increased by more than 18.74% to reach $394.35 million. According to Coinglass data, the market experienced a liquidation of $5.81 million worth of HYPE shares during this period.
Can Hyperliquid stock turn the tables and return to an upward trend?
The Moving Average Convergence Divergence (MACD) and signal lines for Hyperliquid stock, which are below the zero line, indicate that the overall market momentum is bearish. This shows weakness in buyer strength, and upward movements may struggle to continue. Moreover, the Chaikin Money Flow (CMF) indicator at -0.03 indicates slight selling pressure in the Hyperliquid market. The money flow is also negative and not strong, indicating that seller strength slightly outweighs buyer strength.
HYPE chart (Source: TradingView)
The daily Relative Strength Index (RSI) at 29.98 indicates that HYPE stock is in oversold territory. Selling pressure has been strong, and a price reversal or bounce may occur soon. Furthermore, the Buying and Selling Pressure (BBP) reading for Hyperliquid stock at -2.16 indicates that selling pressure is dominating the market. Sellers are pushing the price down, and the downward trend may continue unless a reversal occurs.
If the current bearish trading pattern continues, the price of Hyperliquid stock may drop to the support level at around $27.18. A strong downward correction could lead to further declines in the stock price. Assuming buyers dominate the market, the price is likely to rise and find the nearest resistance level at around $28.94. With a potential upward correction, the price could rise to its recent highs.$HYPER
