HYPE extended its pullback on Tuesday after another rejection around $44 pushed the token down to roughly $39.2. Earlier this month, buyers briefly forced a move above $44, but the advance did not hold. That failure has made the bearish double top on the daily chart much harder to ignore. Even so, the token is still trading above the support area that formed in April, with the market centered on the $35 zone.
Repeated failures near $44 to $45 sharpen the bearish setup
Price action over recent weeks shows two notable peaks in the $44 to $45 range, building out the double top structure. The neckline is now near $35.2, the same area buyers defended during the April consolidation period. If that level gives way, traders are watching for a deeper move toward the $31 to $32 area. If HYPE can reclaim $44, the setup starts to weaken, and the $50 psychological level comes back into view.
Whale exposure reaches $4.236 billion with positioning still split
Large traders on Hyperliquid are not leaning decisively in one direction yet. Data shows total whale exposure climbed to $4.236 billion, with long positions at about $2.099 billion and short exposure slightly higher at around $2.137 billion. That leaves the long-to-short ratio near 0.98, a nearly balanced reading at a time when volatility has started to pick up again.
This matters because price weakness has not been matched by a clear one-sided shift in major positioning. Big traders remain active, but conviction appears split. In that kind of market, reaction around support and resistance often matters more than headline positioning totals on their own.
ETF launch keeps institutional attention on the ecosystem
Interest in the Hyperliquid ecosystem has held up even as the token retraced. 21Shares launched the first United States-listed exchange-traded funds tied to HYPE, including a spot ETF with staking exposure and a leveraged product linked to the decentralized derivatives platform. The launch added to Hyperliquid’s institutional profile inside the digital asset market.
Platform activity also remains notable. Hyperliquid continues to handle billions of dollars in daily volume across decentralized perpetual futures, and it has maintained a leading share of decentralized perpetual open interest. Demand has not disappeared. Still, repeated rejection in the $44 to $45 area appears to have encouraged some market participants to lock in profits.
MACD weakens while Aroon points to fading upside momentum
Momentum indicators have turned softer as well. The MACD line has crossed below the signal line, and the histogram has moved into negative territory, a sign that short-term momentum has deteriorated. On the Aroon indicator, Aroon Up has fallen toward the 50% region, showing weaker bullish strength. Aroon Down remains subdued near 7%, which suggests sellers have not fully taken control of the trend, but buyers no longer hold the same edge they had earlier.
For now, the chart is centered on one level. If HYPE breaks below $35, the correction scenario tied to the double top could accelerate. If bulls push price back above $44, the current bearish structure loses some force.