Hyperliquid (HYPE) dropped 11.93% over the past 24 hours, testing critical support at $32 amid intensified selling, as of February 4. The token is trading at $33.47, with a 24-hour trading volume of $1.02 billion, up 2.27% from the previous day, according to CoinMarketCap. Market capitalization stands at $10.11 billion, reflecting a 1.94% decline.
The sharp decline comes after weeks of fluctuating momentum. Crypto analyst Whale Facter notes that despite the dip, rising market participation and sustained support near $32 indicate potential recovery.
Traders are monitoring the token closely as the market reacts to both short-term profit-taking and renewed buying activity.
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HYPE has been in a downtrend since November 2025, but recently broke above its long-term trendline in the “BREAKOUT” zone. The price surged from approximately $24 to $36.20, suggesting strong bullish momentum. This vertical move indicates possible whale accumulation and positions HYPE for further upside.
The Fibonacci retracement, in this scenario, indicates that the near-term floor will be at $32, or 0.618, with the next hurdles at $40, or 0.382, and then at $44, or 0.236.
The analyst suggests that the psychological barrier of $50 will still be the ultimate goal, provided the uptrend continues. The series of green candles and minimal pullbacks makes traders confident that $32 will still be a solid base for trading momentum.
The weekly RSI has risen to 50.95, which is just past the 50 mark and indicates a sense of gathering momentum. The weekly RSI is still well above its moving average of 42.58, which indicates a bullish divergence and a sense of further potential without entering an overbought zone, as shown in the TradingView chart.
The MACD line is at -2.85, with the signal line at -2.30, and the histogram is hovering around -0.55 as the bearish momentum is declining. The decreasing red bars on the MACD indicator hint at a bullish crossover, reinforcing the notion that HYPE may reach the $40-$50 mark in the coming days.
The breakout of the HYPE stock from its long-term trendline indicates a potential change in the trend to the upside, providing trading opportunities for the stock while keeping an eye on the $32 support level.
The increasing RSI and MACD indicators suggest a weakening of the bearish trend and an increase in the stock price to the range of $40 to $50.
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