From CryptoPotato · By Dimitar Dzhondzhorov
Finding a leading cryptocurrency that hasn’t suffered a painful loss over the past week is no easy task, and Hyperliquid’s native token is no exception to the broader market downturn.
Following the latest plunge, analysts remain split on what comes next. Here are some of the latest projections.
Bears Aren’t Done Yet?
HYPE has plummeted roughly 15% over the past seven days and is now trading at a three-month low of around $70 (per CoinGecko). Its market capitalization has fallen to $16.8 billion, yet the asset remains the tenth-biggest cryptocurrency. That’s largely because Zcash (ZEC), which sits in 11th place, has recorded an even sharper pullback.
X user The Moon Show recently said that HYPE is “not looking great for bulls,” adding that local support has been lost. The analyst claimed the next major zone sits around $67-$69, and dropping below could trigger a crash to $60.
Altcoin Sherpa maintained that HYPE “looks pretty nasty” after losing the $75 floor and forecasted a potential decline to the mid-$60s if Bitcoin (BTC) continues to underperform. At the same time, the analyst keeps calling Hyperliquid’s cryptocurrency “the best project” in the industry.
Token Talk presented the most pessimistic theory. The X user recently argued that bulls must desperately defend the mid-$70s, warning that a breakdown could open the door to a drop toward the $51-$53 region.
Observing These Factors
Recent whale activity suggests bulls may indeed have to take another hit. Earlier this week, Lookonchain revealed that a mysterious investor unstaked 512,010 HYPE (worth almost $40 million) and deposited it into FalconX, possibly to cash out.
If the tokens were indeed sold, the additional supply could weigh on HYPE’s price in the short term. Moreover, such efforts might affect smaller players and prompt them to sell as well.
The asset’s Relative Strength Index (RSI) tells a different story. The ratio fell below 30, meaning that HYPE has entered oversold territory and could be gearing up for a rebound. By contrast, readings above 70 are typically considered a warning of an incoming correction.
HYPE RSI, Source: RSI Hunter
Last but not least, we shall pay attention to HYPE’s exchange netflow. Over the past four days, more capital has exited centralized platforms than entered, suggesting investors have turned toward self-custody methods and reduced immediate selling pressure.
HYPE Exchange Netflow, Source: CoinGlass
The post Top Hyperliquid Price Predictions as HYPE Tumbles 15% in a Week appeared first on CryptoPotato.