Hyperliquid’s HYPE token has fallen to its 50-day exponential moving average at $28.85, extending its weekly decline to 10%. The move keeps the token under selling pressure and leaves the 50-day EMA acting as a key near-term resistance level instead of support.
Open interest drops as long liquidations outweigh shorts
CoinGlass data shows HYPE futures open interest declined 2% over the past 24 hours to $1.34 billion. The pullback points to softer retail participation as traders close positions or cut leverage. Liquidation data adds to that picture: long liquidations reached $3.07 million, far above the $228,950 wiped out from short positions.
That shift has changed market positioning. The long-to-short ratio has moved down to 0.9037, a sign that short exposure is building while bullish positioning is being reduced.
Technical signals remain weak below the 50-day EMA
As of Wednesday, HYPE was trading below the 50-day EMA, which points to a weaker short-term setup. If the token posts a daily close under that level, the next areas on the chart are $23.58 and $20.82, both tied to earlier lows. The 50-day EMA also remains well below the 200-day EMA at $32.75, keeping the broader short-term bias negative.
Momentum indicators are aligned with that view. MACD has produced a bearish crossover, and the negative histogram is widening, showing stronger selling pressure. RSI stands at 48, below the midpoint, indicating HYPE has entered a declining phase after recently reaching overbought territory. The reading also suggests there is still room for the token to fall before becoming oversold.
A close back above $28.85 would shift the near-term setup
HYPE could still attempt a reversal if it regains the $28.85 level on a daily closing basis. That would ease some of the immediate pressure and place attention on a possible rebound toward the $32.75 200-day EMA.