Hyperliquid Holds $40 Level as Momentum Slows
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Written by
Simonas Brazionis - Updated 2026-04-23 09:02:50
Hyperliquid is stabilizing around the $40 mark after recent gains, but signs of weakening momentum are emerging. The token is trading near $40.95, up slightly over the past 24 hours, as market sentiment shifts to a more cautious tone.
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Futures Market Signals Cooling Demand
HYPE previously saw strong interest during heightened geopolitical tensions, as its platform enabled continuous trading of commodities like oil. However, as global uncertainty has eased, speculative demand has started to fade.
Data from CoinGlass shows futures open interest holding around $1.63 billion but moving sideways, indicating a slowdown in trader participation. Meanwhile, a negative funding rate suggests that more traders are positioning for potential downside.
Bearish Technical Pattern Emerges
From a technical perspective, HYPE is forming a rising wedge pattern on lower timeframes, which is typically considered a bearish setup. Although the token remains above key moving averages, momentum indicators point to weakening bullish strength.
The MACD remains in negative territory, while the RSI sits below neutral levels, reinforcing a cautious outlook in the short term.
Key Levels to Watch
If selling pressure increases, immediate support lies near $40.33. A breakdown below this level could push the price toward $38.46, with further downside risk near $34.51.
On the upside, resistance is seen around $43.71, with stronger barriers near $45.77. A breakout above these levels would be needed to restore bullish momentum.
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