coinjournal.net
Key takeaways
- $HYPE is down 8% in the last 24 hours and has dropped below $28.
- Open Interest (OI) declines as retail interest continues to drop.
$HYPE dips below the $28 support
$HYPE, the native coin of the Hyperliquid decentralized exchange, is down 8% in the last 24 hours, making it the worst performer among the top 20 cryptocurrencies by market cap.
The bearish performance comes as Bitcoin and the other major cryptocurrencies underperform. $HYPE could decline towards the $20 psychological level amid a consolidating market.
$HYPE’s bearish performance comes as the coin is losing retail interest due to the current market conditions. Traders are anticipating a rate cut by the Federal Reserve on Monday, but that hasn’t propped up interest in Hyperliquid.
According to CoinGlass, $HYPE’s futures Open Interest (OI) is down 5.91% in the last 24 hours to $1.44 billion. The decline suggests a significant liquidity loss in $HYPE derivatives as traders adopt a wait-and-watch strategy.
In addition to that, the long liquidations since Monday topped $1.2 million, surpassing short liquidations of $88,160.
$HYPE could dip to $20 if the selloff continues
The $HYPE/USD 4-hour chart is bearish and efficient as Hyperliquid has lost 8% of its value in the last 24 hours. The coin is currently trading below $28, breaking the support around $29.37.
$HYPE/USD 4H Chart">
If the bearish trend continues, $HYPE’s daily candle could close below the resistance level at $26.03. An extended selloff will bring the October 10 low of $20.84 into focus.
The RSI of 29 shows that $HYPE is currently in the oversold territory and could record further losses in the near term. Meanwhile, the Moving Average Convergence Divergence (MACD) indicates a rise in bearish momentum, with sellers currently in control of the market.
If the bulls retake control of the market, $HYPE could reclaim the $30 psychological level before rallying towards the resistance trendline near $34.00.