Hyperliquid (HYPE) Faces Selling Pressure Amid Market Decline
Hyperliquid (HYPE) is trying to hold support at $37.00 on Friday. The cryptocurrency market faces a strong bearish trend. HYPE fell from a high of $40.75 earlier in the day. The token shows weak short-term recovery signs.
Staking and Futures Data Show Declining Investor Confidence
- HYPE’s staking value dropped by 2.32% to $2 billion in 24 hours, says DefiLlama.
- Investors are pulling assets from staking contracts, signaling less confidence in the token.
- Futures Open Interest (OI) for HYPE also fell to $1.62 billion from $2 billion since October 30.
- CoinGlass reports the highest OI was $2.59 billion in mid-September, when the price reached $59.52.
- A further drop in OI may hurt HYPE’s chance to rise above $40 soon.
Technical Analysis: Key Support and Resistance Levels
- HYPE trades above its 200-day EMA at $37.06, holding a key support level.
- The SuperTrend indicator shows a daily buy signal based on market volatility.
- A daily close above $40.00 is needed to strengthen the recovery.
- MACD gives a sell signal since Tuesday, indicating selling pressure.
- RSI dropped from above 60 in late October to 43, showing rising bearish momentum.
- If HYPE falls below the 200-day EMA, the price could fall to $33.40 or even $27.50.
