Key Insights:
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HYPE broke below $37 support after repeated tests, signaling weakening buyer strength and confirming growing bearish control across short-term price structure movements.
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Fibonacci levels identify $32.44 and $29.5 as critical demand zones, where buyers may re-enter as retracement deepens within a broader recovery trend.
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Momentum indicators, including RSI and CMF, show declining strength and capital outflows, reinforcing bearish conditions across both daily and lower timeframe charts.
Hyperliquid’s HYPE token moved below the $37 level on April 2, ending a phase where that price acted as steady short-term support. Each earlier test of this level had triggered a rebound. However, recent attempts failed to push prices back toward the $43.7 local high.
Besides, the late March move above $40 proved brief. Sellers quickly regained control, which reinforced the ongoing downward pressure across the broader crypto market.
Broader Market Weakness Adds Pressure
At the same time, Bitcoin and several major altcoins recorded losses. Consequently, overall sentiment remained weak, which added further strain on HYPE’s price action.
Moreover, this wider downturn reduced the strength of recovery attempts. Buyers struggled to build sustained momentum, which kept prices under pressure throughout the last two weeks.
Despite the recent drop, the longer-term structure continues to show a broader recovery pattern. HYPE rallied close to $60 earlier in 2025 before falling sharply to $20 by the end of the year.
Source: TradingView
However, the move back toward $43.7 formed part of a larger upward phase. Additionally, the current decline appears to reflect a retracement within that trend rather than a full reversal.
Key Levels Highlight Possible Downside Range
Fibonacci levels from the latest upward move indicate further room for decline. The $32.44 and $29.5 levels now stand out as key areas where buyers may re-enter the market.
Significantly, these levels fall within a commonly watched demand zone. However, current signals suggest that traders are not rushing to accumulate at these prices yet.
Indicators Confirm Weak Momentum
Momentum indicators continue to reflect bearish conditions. The Relative Strength Index dropped below the neutral mark, signaling declining strength in buying activity.
Additionally, the Chaikin Money Flow showed negative readings near -0.15. This suggests capital has been leaving the market, reinforcing the ongoing weakness in price action.
On the four-hour chart, HYPE maintains a bearish structure with a clear pattern of lower highs. The rejection below $42 in late March established a key resistance level.
Moreover, the $29.55 to $32.5 range remains the main demand zone. Buyers are expected to defend this region if the retracement continues in the near term.
Resistance Level Defines Trend Shift
A recovery above $41.59 would challenge the current bearish outlook. Such a move would signal renewed strength and reopen the path toward previous highs near $43.7.
However, until that level breaks, the trend remains under pressure. Consequently, price action continues to reflect caution across both short-term and long-term trading setups.
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