HYPE is hovering around $60.40, pushing against a key resistance level at $64 after weeks of sideways price moves. The token is trapped within a falling wedge pattern that hints at a possible bullish reversal, provided buyers regain momentum.
After peaking close to $72, HYPE retreated and has since been forming lower highs while maintaining support around $56 57. The $64 mark has repeatedly halted upward attempts over the past month, making it a key barrier. Technical indicators show mixed signals: the RSI recovered to near 45 from oversold territory, and the MACD histogram’s contraction hints at easing bearish pressure, but a bullish crossover is yet to materialize.
Derivatives Surge Contrasts with Declining User Activity
Open Interest on Hyperliquid’s perpetual futures recently reached a record $5.7 billion, signaling a surge in derivatives trading volume. Despite this, weekly active users dropped from about 190,000 in early June to roughly 149,600, indicating that retail engagement has cooled off since the platform's earlier rally. This divergence between rising use and shrinking user numbers could mean HYPE faces heightened risks of volatile swings if momentum fails near resistance.
The 100-day exponential moving average, currently near $57.5, is a critical support level that has held through the recent uptrend. Should this break, the 200-day EMA at around $50 becomes the next line of defense. A breach of the 100-day EMA would undermine the medium-term bullish pattern established since March. Volume has waned during this corrective phase, which analysts interpret as profit-taking rather than panic selling. With the RSI at 43, there’s still room for buyers to gather strength without encountering overbought conditions.
Prominent crypto analyst Altcoin Sherpa recently suggested on X that although HYPE appears weak in the short term, a dip to the mid-$50s or even mid-$40s could present a strong buying opportunity, with the token potentially reaching $100 down the line.
