Hyperliquid Price Drops Below Key Support Levels
Hyperliquid (HYPE) price fell over 6% on Thursday. This marks the seventh day of losses. The token is trading below its 100-day Exponential Moving Average (EMA) at $43.93. It is testing the lower boundary of a rising channel pattern on the daily chart. If HYPE closes below $42.50, it may fall further toward the 200-day EMA at $36.95.
Technical indicators show bearish signs. The Moving Average Convergence Divergence (MACD) is below the zero line. The Relative Strength Index (RSI) is at 36, nearing the oversold zone. This suggests selling pressure remains strong.
USDH Stablecoin Launch Fails to Boost Interest
Hyperliquid launched its native USDH stablecoin on Wednesday. The total supply reached $24 million within 18 hours. Half of the USDH revenues go to Hyperliquid’s Assistance Fund, a buy-back fund for the protocol. Despite this, the launch did not improve trader sentiment.
Data from DeFiLlama shows that Hyperliquid’s Total Value Locked (TVL) dropped to $2.14 billion on Thursday. This is down from the all-time high of $2.78 billion reached last Friday. The decline indicates less user interest and capital inflow.
CoinGlass data reveals that HYPE Open Interest (OI) fell by 3.09% in 24 hours to $2.13 billion. This drop signals growing risk-off sentiment among traders.
Possible Support and Resistance Levels for HYPE
- If HYPE bounces from the support trendline, it could test the 50-day EMA at $47.91.
- A close below $42.50 would confirm a channel breakdown and likely push prices toward $36.95.
