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Price Analysis: Strong price increase in the bull market to defend the key support level:
Hyperliquid stock is trading near $65.00, maintaining a slight upward trend in the near term, as it remains above the 50, 100, and 200-day exponential moving averages (EMAs). The spot stock price is trading above the short and medium-term EMAs at $64.44 and $64.53 respectively, while the long-term 200-day EMA at $62.63 provides stronger trend support, indicating that the recent recovery is backed by a positive underlying structure.
Momentum remains relatively supportive, with the Moving Average Convergence Divergence (MACD) showing in positive territory on the daily chart. The Relative Strength Index (RSI) hovers near the 53 level on the same chart, indicating continued buying interest without reaching overbought territory.
HYPE/USDT 4-hour chart
On the downside, immediate support lies near the range of short and medium-term EMAs at $64.53 and $64.44, where a pullback may attract buyers on dips as long as HYPE maintains this level. A larger decline would expose the 200-day EMA at $62.63 as the next key support area, and losing it would significantly weaken the uptrend and open the door for a broader corrective phase. Potential buying demand on dips may mitigate losses at or near the current level or the 200-day EMA, paving the way for gains toward the downtrend resistance line at $67.50 and the next key psychological barriers at $70.00 and $75.00.
$HYPE
Hyperliquid (HYPE) stock is trading under pressure, testing support near $64.00 at the time of this report on Tuesday. This decline comes after a limited rise near $68.00 the previous day, weakening short-term technical outlook.
High liquidity declined amid deteriorating sentiment.
HYPE's short-term bearish trend aligns with the continued weak sentiment in the cryptocurrency market overall, as evidenced by the Fear and Greed Index which reached 15 points on Tuesday, only slightly up from 12 points the previous day. This translates to weak appetite for high-risk assets, limiting gains and recovery potential.
Cryptocurrency Fear and Greed Index | Source: Alternative
This situation reflects the prevailing pessimism in the broader cryptocurrency market, where the Hyperliquid DeFi ecosystem saw its Total Value Locked (TVL) decline to $5.74 billion as of Monday, down from $6.12 billion on June 18.
TVL represents the total value of assets deposited within the protocol's smart contracts by network participants looking to earn rewards on their HYPE holdings.
The ongoing decline in Total Value Locked (TVL) indicates waning investor confidence, prompting participants to reduce their investments. In contrast, a steady rise in Total Value Locked signals renewed optimism, as investors show a greater willingness to allocate their capital to the protocol's smart contracts.
Hyperliquid DeFi TVL | Source: DefiLlama
Meanwhile, demand in the retail sector is increasing, leading to a steady rise in open interest for Hyperliquid perpetual futures. CoinGlass data shows open interest rising to $2.7 billion on Tuesday, compared to $2.4 billion the previous day. If this demand continues, demand for HYPE derivatives may absorb selling pressure in the spot market and help stabilize the rebound above $70.00.
$HYPE