Hyperliquid (HYPE) is trading around $40.95 as of Thursday, steadying after a more than 3% jump in the previous session. While the DEX token has held recent levels, signs from both the derivatives market and on‑chain momentum point to a neutral-to-bearish outlook.
HYPE’s futures activity has cooled since a surge of retail interest during heightened US–Iran tensions and worries around the Strait of Hormuz, when the platform’s 24/7 trading of commodities like oil and precious metals drew heavy speculation. CoinGlass data shows futures open interest sitting near $1.63 billion and largely flat — a sign trader participation has plateaued. The funding rate is slightly negative at -0.0061%, reflecting an increasing tilt toward short bets and growing caution among leveraged traders.
On the charts, the technical picture leans bearish. The HYPE/USD 4‑hour structure is forming a rising wedge, a pattern that often precedes downside when momentum wanes. Price remains above the 50‑day EMA (~$38.46) and the 200‑day EMA (~$34.51), but momentum indicators are cooling: the MACD is in negative territory and the RSI is around 47, underscoring weakening bullish strength.
Key levels to watch:
- Immediate support: trendline near $40.33. A break below this could expose the 50‑day EMA at ~$38.46, with stronger support near the 200‑day EMA at ~$34.51.
- Resistance: $43.71 first, then the upper trendline around $45.77.
In short, HYPE has stabilized for now, but fading retail demand, a negative funding bias, and bearish chart signals suggest downside risk unless buyers reassert control above the listed resistance levels.
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