Key Takeaways
- HYPE dropped 8% over the past 24 hours, falling below $28.
- Open interest (OI) is declining as retail participation continues to wane.
HYPE slips below $28 support
HYPE, the native token of the decentralized exchange Hyperliquid, declined 8% in the last 24 hours, making it the weakest performer among the top 20 cryptocurrencies by market capitalization.
The bearish move coincided with Bitcoin and other major cryptocurrencies underperforming broader market gains. If selling pressure continues, HYPE could test the psychologically important $20 level amid ongoing market consolidation.
This bearish pressure has been driven in part by falling retail interest in the token as market conditions remain uncertain. Traders had been anticipating a Federal Reserve rate decision on Monday, but expectations of a rate cut did not translate into renewed demand for Hyperliquid.
According to CoinGlass, HYPE futures open interest fell 5.91% over the past 24 hours to $1.44 billion. The drop indicates a meaningful decline in derivatives liquidity as traders move into a wait-and-see stance.
Long liquidations since Monday have exceeded $1.2 million, outpacing short liquidations of $88,160.
HYPE could fall to $20 if selling continues
The 4-hour HYPE/USD chart shows a bearish bias, reflecting Hyperliquid’s 8% loss over the last day. The token is currently trading below $28, having broken the support area near $29.37.
If the downtrend persists, a daily candle could close below immediate support at $26.03. Continued selling pressure would put the October 10 low at $20.84 back into focus as a potential downside target.
An RSI reading of 29 indicates HYPE is currently in oversold territory and could experience further losses in the short term. The MACD also shows widening bearish momentum, suggesting sellers are in control for now.
Should bulls regain control, HYPE could reclaim the $30 psychological level and then attempt to challenge the trendline resistance near $34.00.