Key insights
- HYPE has dropped 8% in the past 24 hours and fallen below $28.
- Open interest (OI) is declining as retail interest continues to wane.
HYPE falls below $28 support
HYPE, the native token of the Hyperliquid decentralized exchange, has fallen 8% over the last 24 hours, making it the weakest performer among the top 20 cryptocurrencies by market capitalization.
The downturn coincides with weakness across Bitcoin and other major cryptocurrencies. In a consolidating market, HYPE could slide toward the psychological $20 level if selling pressure continues.
The token’s decline is also tied to fading retail interest amid current market conditions. Traders hope for an interest rate cut from the Federal Reserve on Monday, but that expectation has not boosted demand for Hyperliquid.
According to CoinGlass, HYPE’s futures open interest (OI) fell 5.91% over the past 24 hours to $1.44 billion. The drop suggests a notable loss of liquidity in HYPE derivatives as traders adopt a wait-and-see approach.
Additionally, long liquidations since Monday exceeded $1.2 million, far outpacing short liquidations of $88,160.
HYPE could decline to $20 if selling persists
The HYPE/USD 4‑hour chart is bearish and decisive, reflecting the token’s 8% loss over the last day. HYPE is trading below $28 and has broken support around $29.37.
If the downtrend continues, HYPE’s daily candle could close below support at $26.03. A prolonged sell-off would put the October 10 low at $20.84 back in focus.
The RSI at 29 indicates HYPE is currently in oversold territory and may suffer additional short-term losses. Meanwhile, the Moving Average Convergence Divergence (MACD) is signaling increased downward momentum, with sellers controlling the market for now.
If bulls regain control, HYPE could reclaim the psychological $30 level and attempt a move toward resistance near $34.00.