The token’s recent decline follows a period of aggressive growth driven by derivatives activity and speculation surrounding tokenized SpaceX exposure. However, the momentum has shifted as Federal Reserve Chair Kevin Warsh signaled a hawkish policy stance, strengthening the dollar and dampening appetite for speculative assets. A recent unlock of 9.9 million HYPE tokens, valued at approximately $700 million, has also added supply-side friction that the ecosystem’s buyback mechanism is currently struggling to offset.
In section Cryptocurrency
Hyperliquid faces downward pressure as double-top pattern forms
A 13% retreat from its $76.70 record high has left HYPE traders bracing for a potential deeper correction. The formation of a double-top pattern on the four-hour chart, combined with a broader risk-off sentiment across digital assets, has placed critical support levels near $65 and $62 under intense scrutiny.
Technical indicators confirm the cooling sentiment. The MACD has crossed below its signal line, and the Chaikin Money Flow has dipped into negative territory at -0.06, signaling consistent capital outflow. With the price breaking below the 0.618 Fibonacci retracement level of $67.7, the focus has shifted to the $64.8 neckline. A failure to hold this support could invite a slide toward $58.4 or lower. Meanwhile, CoinGlass data identifies a critical battleground between $70 and $72, where dense liquidation clusters currently act as a magnet for price volatility.
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