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HYPE Token Plunges 40% Amid Bearish Market Sentiment and Rising Liquidations
HYPE Token Plunges 40% Amid Bearish Market Sentiment and Rising Liquidations
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BTCCSquare news:
HYPE, the native token of the Hyperliquid network, has tumbled 40% from its yearly peak, signaling a stark reversal in market sentiment. The decline below key support levels and the invalidation of a previously bullish megaphone pattern suggest deepening bearish momentum. Traders are grappling with over $26 million in liquidated long positions within 24 hours, exacerbating fears of further downside.
Hyperliquid’s trading volume has slumped to $11.2 billion, lagging behind competitors like Aster. With the ADX indicator nearing 30, the downtrend shows no signs of abating. The token’s breakdown below the 50% Fibonacci retracement level underscores the fragility of its current position in a market where altcoins broadly remain under pressure.
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