- Hyperliquid (HYPE) price is sitting at $70.
- The asset’s trading volume is down by 42%.
After being silent for about a week, wallet 0x6436 has returned and is grabbing another large chunk of HYPE tokens. The wallet withdrew 88,350 HYPE, or about $6.41 million, from exchanges in the most recent action, increasing its total accumulation to 1.23 million HYPE, or about $85.34 million.
When the same wallet took 82,089 HYPE, valued at $5.16 million, out of exchanges on June 8, a similar buying pattern was seen. At that time, the data showed that more than 1.14 million HYPE had been withdrawn over a one-week period and transferred to Hyperliquid for staking.
Such trades can tighten the circulating supply and possibly reduce selling pressure by lowering the amount of HYPE available on exchanges. Because persistent demand from large holders can affect market sentiment and bolster confidence in the token’s long-term prognosis, traders and investors keep an eye on whether this pattern continues.
Significantly, Hyperliquid (HYPE) hit its all-time high yesterday, at $76.85, and currently it is trading at $70.99, after a drop of 5.9%. The asset’s daily trading volume has decreased by 42.07% to the $1.15 billion mark. The Coinglass data has reported that the market has seen a 24-hour liquidation of $6.78 million worth of HYPE.
As the current pattern deepens, the Hyperliquid price might slip to the support at $68.53. A potential correction on the downside could drive the price even lower, with the emergence of the death cross. If the asset reverses the momentum bullish, the HYPE price could climb to the resistance at $72.49. Assuming the upside pressure strengthens, the golden cross would unfold and likely send the price higher.
Charts Hint at a Weak Technical Trend for Hyperliquid
The 4-hour technical analysis of Hyperliquid reveals that the MACD line is below the signal line. It infers that bearish momentum is gaining strength. The shorter-term momentum has weakened relative to the recent trend. Besides, the CMF indicator at 0.31 shows strong buying pressure and significant capital inflows. The buyers are accumulating HYPE, and it supports a bullish market structure; the price move is being backed by buying activity.
Hyperliquid’s daily RSI at 56.48 suggests moderate bullish momentum. The buyers have a slight advantage over the sellers. This leans to buying interest, with room for the trend to strengthen further. Moreover, HYPE’s BBP reading at -0.400 indicates moderate bearish pressure. There is a weakness in the trend, with sellers maintaining control unless buying interest strengthens and pushes it back into positive territory.
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