Hyperliquid price flashes bearish MACD signal, will it drop to $50 next?

Hyperliquid has fallen sharply from its record high after a whale-led selloff triggered a wave of liquidations and pushed momentum indicators into their weakest position since the token’s breakout rally began.

Hyperliquid ( $HYPE ) price was trading near $62 on Friday, June 5, after plunging from an all-time high of $75.48 just a day earlier. The token briefly touched the $58 area before buyers stepped in, though sentiment remains fragile following the abrupt exit of several prominent market participants.

On-chain data tracked by Onchain Lens showed Hayes sold approximately 247,334 HYPE tokens. Other prominent traders, who were also linked to sizable reductions in exposure. The concentrated selling overwhelmed spot demand and triggered a decline that wiped more than 17% off HYPE’s value within hours.

The selloff came only months after Hayes publicly projected a $150 price target for HYPE and placed a $100,000 charity wager on the token outperforming other large-cap cryptocurrencies.

Following the exit, Hayes pointed to a combination of macroeconomic headwinds, including rising oil prices driven by Middle East tensions, liquidity demand from several major AI-related IPOs, and the risk of a broader downturn in financial markets later this year.

Additional pressure emerged from derivatives markets. A whale trader who previously lost $46.46 million shorting HYPE, had flipped long and was facing another unrealized loss of more than $840,000 during the latest selloff. The trade underscored how quickly leverage has been punished on both sides of the market as volatility intensified.

Technical structure places $55 and $50 in focus
The daily chart shows that HYPE has retreated into a key Fibonacci support region after failing to hold above the recent breakout zone. The token is currently trading between the 0.786 retracement level near $63.9 and the 0.618 level near $54.6, measured from the January low around $20.4 to the June peak near $75.7.

A breakdown below the 0.618 retracement could expose the midpoint support near $48.1, bringing the psychologically important $50 level into view. The area between $54 and $55 now represents the first major support cluster bulls need to defend.

Momentum indicators have also deteriorated. The daily MACD has produced its first bearish crossover since the rally accelerated in May, while the histogram has turned negative.

At the same time, the Relative Strength Index has dropped from overbought territory above 70 to roughly 54, showing that buyers have lost control of short-term momentum.

Liquidation heatmaps identify another critical zone. Dense concentrations of leveraged positions remain stacked between $60 and $64, while larger liquidity pools sit around $58 and below. A decisive move through those levels could trigger another round of forced selling and increase downside volatility.