Hyperliquid (HYPE) Stalls in Attempt To Retest Record High — Here’s the Next Move

Key Takeaways

• After peaking on June 16, HYPE has dropped to $38.60, showing signs of weakened momentum.
• HYPE’s price trades inside an ascending channel but has failed to break above the upper trendline.
• A bear flag has formed between $30.18 and $38.80, and the ADX reading has dipped to 18.58

Hyperliquid’s (HYPE) rally may be losing steam, for now.

After hitting a new all-time high of over $45 on June 16, the token has since pulled back, currently trading around $38.60.

While there were earlier signs of a possible rebound, the latest indicators suggest HYPE could take a bit longer to make another run at its peak.

HYPE Pauses Its Uptrend

HYPE’s price action on the 4-hour chart shows the token still trading within an ascending channel.

On Monday, June 30, it made an attempt to break above the channel’s upper trendline—but fell short.

That rejection sent the price sliding from $40.84 as sellers stepped in to block further gains.

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While the token has since bounced off the channel’s lower boundary, momentum appears to be fading.

The MACD has slipped into negative territory, and the EMAs are showing a bearish crossover—both signs of weakening strength.

If this pattern holds, HYPE could struggle to reclaim the $40.84 level anytime soon. Instead, it may be headed back toward the support zone near $35.77.

Open Interest Dips

From an on-chain perspective, Glassnode data shows that Hyperliquid Open Interest (OI) has fallen to $423 million. The OI is the sum of the value of all open contracts in the market.

When it rises, it means traders are deploying more capital into the market, which is bullish. But the decline is due to HYPE, indicating reduced exposure.

Should the trend remain the same, the HYPE’s price risks falling below the $35.77 support stated above.

HYPE Price Prediction: Altcoin in Bear Flag

HYPE has formed a bear flag on the daily chart. The bearish pattern began with a downward trend from $45.61 to $30.18, which formed the flagpole.

Later, it bounced to $38.80 and formed the flag. However, the position of the Average Directional Index (ADX) suggests that the Hyperliquid coin might not be able to hold the recovery.

The directional movement is typically strong when the ADX reading is above 25. But as of this writing, the ADX reading has dropped to 18.58.

This reading indicates that the HYPE uptrend is weak, and a retracement could be next. If that is the case, HYPE’s price could slide to $31.82 in the short term.

In a highly bearish market condition, it could plummet toward $23.21. Alternatively, if bulls regain control, this forecast might not happen.

If that were to happen, HYPE might break the resistance at $40 and rally to $50.