Hyperliquid (HYPE) Could Drop Below $40 After Recent Correction
Hyperliquid (HYPE) recently hit a new all-time high of around $45.72. However, the price has now dropped and is trading close to $40.13, falling by more than 3% in the last 24 hours.
The drop comes as many traders seem to be taking profits. There’s also a big jump in trading volume, while open interest in the derivatives market has gone down by about 8%. This means fewer people are holding long positions, showing possible weakness ahead.
Technical indicators also suggest a slowdown. The MACD, a popular trading signal, has shown a bearish sign. The RSI, which measures buying pressure, has fallen from overbought levels and is now closer to neutral. These signs often mean prices could continue to fall.
If HYPE fails to stay above the $40 support level, it might drop further. The next important price zones to watch are $36, $32, and possibly $27.
But if the token holds steady at $40, a bounce-back rally could still happen.
Impact: HYPE could fall further if selling continues, but it might recover if support at $40 holds and buying picks up again.