Key takeaways
- Hyperliquid holds steady around $40 on Thursday, up 1.1% in the last 24 hours.
- The negative funding rate gives HYPE a mixed signal in the market.
Hyperliquid (HYPE) is trading around $40.95 at press time on Thursday, stabilizing after a 3%+ gain in the previous session.&
While the decentralized exchange (DEX) token has managed to hold recent levels, weakening retail demand in the leverage market and a developing rising wedge pattern on the chart are keeping the broader outlook neutral-to-bearish.
HYPE’s futures market suggests a cooling demand
HYPE initially attracted strong retail interest during heightened geopolitical tensions around the US&-Iran situation and the Strait of Hormuz, as its platform enabled 24/7 trading of commodities such as oil and precious metals.&
However, as geopolitical pressure eased following signals of extended diplomatic timelines, speculative interest in the token has started to fade.
Data from CoinGlass shows HYPE futures open interest at about $1.63 billion, moving mostly sideways—an indication that trader participation has plateaued.&
Meanwhile, the funding rate sits at -0.0061%, suggesting a growing tilt toward short positioning as traders increasingly bet on downside risk.
Technical outlook: Bears could push the price lower
The HYPE/USD 4-hour chart is bearish and efficient as HYPE remains supported above both the 50-day Exponential Moving Average (EMA) near $38.46 and the 200-day EMA around $34.51.&
The 4-hour structure is forming a rising wedge pattern, typically considered a bearish setup when momentum weakens. The momentum indicators also paint a bearish picture.&
The MACD remains in negative territory, signaling fading bullish strength, while the RSI at 47 reflects a growing bearish condition.&
If the sellers remain in control, they would encounter immediate support at the trendline near $40.33. A break below this level could open a path toward the 50-day EMA at $38.46, followed by stronger support near the 200-day EMA at $34.51.
However, if the bulls push higher, resistance is first seen at $43.71, with further upside capped near $45.77 at the upper trendline boundary.
The post Hyperliquid (HYPE) holds above $40 as futures activity stalls appeared first on CoinJournal.
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