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- Hyperliquid is stable around $40 on Thursday, up 1.1% in the last 24 hours.
- The negative currency 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.
Although the decentralized exchange (DEX) token has managed to outperform, the weakening demand for trading in the middle market and the slow rise on the chart make it look neutral.
The HYPE futures market shows the importance of cooling
HYPE initially attracted the attention of traders during the escalating US-Iranian tensions and the Strait of Hormuz, as its platform facilitated 24/7 trading of commodities such as oil and precious metals.
However, as world pressure has lessened to follow the signs of a longer diplomatic period, the speculative interest in the sign has begun to fade.
Data from CoinGlass shows the HYPE futures open at about $1.63 billion, moving mostly sideways—a sign that trading participation has increased.
Currently, the interest rate is at -0.0061%, which means that the trend is increasing as traders are increasingly betting on risk.
Technical outlook: Bears may lower prices
The 4-hour HYPE/USD chart is bullish and useful as HYPE is still supported above the EMA) near $38.46 and the 200-day EMA around $34.51.
4 o’clock is creating a high profile, which is often seen as a power reset when the power is low. Strong indicators also paint a bearish picture.
MACD remains in negative territory, indicating bullish momentum, while RSI at 47 indicates bearish growth.
If the sellers continue to improve, they will face immediate support at the line near $40.33. A break below this level could open the way to the 50-day EMA at $38.46, followed by strong support near the 200-day EMA at $34.51.
However, if the bulls push to the top, the first resistance appears at $43.71, and another lift is near the $45.77 upper limit.
