Overview

Hyperliquid (HYPE) has dipped by 6% to $46 over the last 24 hours, accompanied by $3.3 million in outflows. The price is currently testing the demand range between $43 and $45, with significant holding by whale investors.

Key Price Levels

HYPE is positioned near a crucial support level that has traditionally held firm, having previously acted as a support zone. The 50-day exponential moving average sits at $47, indicating downside pressure. Recovering from this range could see a move back towards $51 and potential progression towards $60. Conversely, failing to maintain above $43-$45 might lead to a drop to $36, suggesting a bearish market shift.

Source: TradingView

Market Sentiment

With the Relative Strength Index at 45, momentum remains weak, pointing to limited demand despite strong trading volume that surpassed $647 million in the last 24 hours. The price, having been rejected near $52, has formed a lower high, an indication of potential market direction change.

Market analyst Sjuul from AltCryptoGems noted:

“As expected, $HYPE got rejected at resistance and is forming a new lower high.” (Link to the Tweet: Sjuul’s Tweet)

Trading Activity and Outflows

On October 7, HYPE faced net outflows amounting to $3.31 million, stemming from a prior drop in price from $53 to $46. Many high-value wallets maintain their positions, with over 50 smart-traders holding an aggregate of more than $60 million in HYPE. Despite current market pullbacks, large investors are not retreating significantly from their investments.

Final Thoughts

While HYPE’s market price experiences fluctuations, the ongoing interest from major wallets indicates a cautious optimism among investors.