📊 Hyperliquid (HYPE) Price Slips to $37 On Profit Taking

On March 30, Hyperliquid (HYPE) price plunged by 3% following a liquidation and increased selling pressure.

At present, Hyperliquid (HYPE) price has dropped by over 3%, forcing its price to drop from $38.77 to $37.04 with a market capitalization of $9.49 billion, according to CoinMarketCap.

🔸 Hyperliquid (HYPE) Falls 3% in 24 Hours After Major Liquidation

Hyperliquid (HYPE) is currently under pressure as bearish momentum continues following the price momentum, bringing the asset to a major point.

After facing rejection near the $40.00 level, the asset has been forming a pattern of lower highs, a classic sign of a downtrend. The continuous selling pressure has now sparked the price down to the $37 support area, where early signs of a short-term reaction are beginning to merge.

The level around $37 is now the critical line in the sand. The price movement around this level is expected to identify the next direction of the cryptocurrency.

If the cryptocurrency holds support around this and buyers defend this support level, it could spark a relief bounce. There will be an upside target in the $38.50 to $39 range.

On the flip side, the clean drop below $37 would spark further weakness and open the door for further downside.

Hyperliquid (HYPE) has gained 42% over the past 30 days. Many investors are now selling to book profits. The drop happened on normal trading volume, which shows that it is a natural selling rather than panic selling.

Apart from this, one of the biggest factors behind today’s drop in Hyperliquid price is the unlocking of a large amount of HYPE tokens, worth around $376 million, in the market. This is around 2.39% of the total circulating supply, which quickly increased the number of tokens available to sell.

Along with this large amount of token release, the normal routine of about 5,766 HYPE tokens is also continuous from team vesting.

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