Key Points
- HYPE fell 8% over the past 24 hours, dropping below $28
- Open interest (OI) declined as retail participation continued to wane
HYPE Falls Below the $28 Support
HYPE, the native token of decentralized exchange Hyperliquid, dropped 8% in the last 24 hours, making it the worst-performing coin among the top 20 cryptocurrencies by market capitalization. The token’s weakness came as Bitcoin and other major cryptocurrencies underperformed, contributing to a broader consolidation in the market. HYPE’s price now sits below the $28 mark and has broken short-term support around $29.37.
This downturn appears driven by declining retail interest amid current market conditions. Although traders were anticipating a potential interest-rate cut from the U.S. Federal Reserve, those expectations did not translate into renewed demand for Hyperliquid. As a result, HYPE has been losing momentum and attention from retail traders.
Data from CoinGlass shows that HYPE’s futures open interest (OI) fell 5.91% over the past day to $1.44 billion. That drop signals a meaningful loss of liquidity in HYPE derivatives as market participants adopt a wait-and-see stance. Additionally, long liquidations since Monday reached $1.2 million, a figure substantially higher than short liquidations of $88,160, underscoring the recent selling pressure.
HYPE Could Slide Toward $20 If Selling Persists
On the 4-hour HYPE/USD chart, the trend is clearly downward. Hyperliquid’s 8% decline in 24 hours pushed the price below $28 and through the $29.37 support zone. If this bearish momentum continues, daily candles could close beneath the next support level near $26.03, opening the door for further downside.
Prolonged selling may shift focus to the October 10 low of $20.84 as the next critical target. Technical indicators support the bearish outlook: the RSI sits near 29, indicating oversold conditions and signaling potential for additional near-term losses, while the MACD reflects strengthening bearish momentum with sellers currently dominating the market.
However, if bulls regain control, HYPE could reclaim the psychological $30 level and attempt a move toward the trendline resistance around $34.00. A sustained recovery would require a pickup in trading interest and open interest, as well as confirmation from price action reclaiming key resistance levels.