The bearish outlook for Hyperliquid's HYPE token continues to grow as selling pressure tightens across the market.
On April 20, HYPE dropped more than 6.15%, trading at $41.05 at the time of writing. Meanwhile, trading volume surged 101% to $348.95 million.
This combination indicates active market participation, even as sellers are pushing prices lower.
Is the structure of HYPE being broken?
The daily chart shows Hyperliquid [HYPE] still maintaining a higher high and higher low structure. However, the trading range is tightening as the price moves higher.
This contracting pattern resembles a rising wedge, often a precursor to downward corrections.
Source: TradingView
If the price falls below $40.30, the next bearish target could be around $36.70. However, holding above $41 could support a short-term recovery effort.
Momentum indicators are showing signs of weakening.
The RSI has dropped to 52.70, signaling that bullish momentum is fading and transitioning to a neutral state.
Meanwhile, the ADX has risen to 26.66, indicating a strengthening trend despite slowing momentum. This combination suggests that price direction remains stable, even as buying pressure has eased.
Are whales and traders betting on a decline?
Data from the analysis platform Nansen reveals that the top 100 addresses of HYPE have reduced their holdings by 39.99%, indicating increasing sell pressure and a potential signal for a sell-off.
Source: Nansen
In the meantime, derivatives data reflects a similar sentiment.
The Liquidation Map highlights key levels at $40.30 and $42.30, where traders are still over-leveraging.
About $4.95 million in long positions are sitting below the current price, while $8.72 million in short positions are concentrated above. This imbalance indicates that traders are anticipating a deeper pullback in the near future.
Source: CoinGlass
Despite the bearish sentiment, data from DeFiLlama highlights stable revenue, fees, and DEX trading volume of the protocol. Periodic short-term dips followed by quick recoveries suggest sustained user activity and healthy market participation.
Source: DeFiLlama
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