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How Low Can the Hyperliquid (HYPE) Price Go?

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Hyperliquid’s native token, HYPE, is going through a correction in the past couple of days after charting a new all-time high at almost $46.

At the time of this writing, the cryptocurrency is trading below $37, marking a decline of around 20% in the past 48 hours.

hype_price_chart_1906251
Source: Hyperliquid

How Low Can HYPE’s Price Go?

Many have taken to X to speculate on the ongoing correction. Some traders outline the serious nature of the move and predict prices as lo as “low-mid 20’s.”

Commenting on the matter was also Altcoin Sherpa, who said:

“HYPE is pulling back a bit, I think that this thing goes to low $30s if BTC continues to bleed and chop around. Still, it’s 1 of the best coins this cycle and I think it’ll eventually go much higher. I’ll still keep a bunch of it staked for now.”

Byzantine General also chipped in on the matter, outlining the importance of the long-term trendline that started forming in April. He’s of the opinion that breaking below this trendline won’t be a good sign, especially as open interest is building up.

Data from HyperDash shows that the majority of the traders (51%, at the time of this writing) are short, with 31% of the open interest covered.

It’s also worth noting that the Hyperliquid Assistance Fund bought back another $2 million worth of HYPE today, as meldt by Tobias Reisner. This is because 97% of the fees generated by traders on the platform go back toward buying back the token.

De post How Low Can the Hyperliquid (HYPE) Price Go? verscheen eerst op CryptoPotato.

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