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The HYPE market continues to face downside pressure after completing a clear head-and-shoulders pattern, followed by a decisive neckline break. Price action rejected the neckline sharply, confirming bearish momentum as HYPE trades near $28.81, close to the key 0.618 Fibonacci retracement at $29.03. Earlier support around $33.72 has now flipped into a strong resistance zone, with sellers consistently defending this level. Hyperliquid charts mirror the same weakness, reinforcing the broader technical bias.
Current price targets lean lower. The first major objective sits at $24.34, a zone that previously acted as a demand region. A deeper bearish extension points toward $16.75, aligned with the 1.618 Fibonacci projection. Both levels carry significant historical relevance and shaped prior market reactions, adding weight to their potential as downside magnets. With buyers unable to reclaim the neckline, the broader outlook remains tilted to the downside.
Momentum indicators echo this sentiment. The DMI shows the -DI widening over the +DI, confirming growing seller dominance. Meanwhile, the ADX reading at 24 signals strengthening trend conditions despite the lack of rapid acceleration. Consistent selling pressure across each bounce supports the broader bearish structure.
Fundamentally, market sentiment remains divided. A recent $2.2M move from team wallets and the unlocking of 10 million tokens sparked supply concerns and added volatility. Not all tokens returned to staking, increasing circulating supply during a period of weakening confidence. At the same time, open interest rose 6.05% to $1.54B, hinting at growing participation from directional traders anticipating potential recovery attempts.
HYPE now trades within a pivotal pressure zone near $29, where short-term direction hinges on buyer response. While increased open interest offers a slight bullish cushion, buyers must reclaim key structural levels before any meaningful trend reversal develops.
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