TLDR
- HYPE price has dropped about 24% over the past month and trades near $54.06.
- Multicoin Capital and Bitwise transferred HYPE worth about $8.74 million to Coinbase.
- The token remains below its 50-day and 100-day moving averages.
- RSI near 34 shows HYPE is approaching oversold territory.
- Immediate support sits between $53.50 and $54, followed by $52.
Hyperliquid’s native token extended its monthly decline as large holders continued moving HYPE to centralized exchanges. HYPE price has fallen about 24% over the past month and recently traded near $54.06 on the four-hour chart. The drop followed repeated failures to hold gains above the $60 area during July, while the wider crypto market also lacked a clear direction.
Recent on-chain data showed Multicoin Capital sent 137,100 HYPE, worth about $7.51 million, to Coinbase Prime. Bitwise also transferred 22,463 HYPE, valued at nearly $1.23 million, to Coinbase. Exchange deposits do not confirm sales, but they can increase available supply and weaken buyer confidence when demand remains limited. Similar transfers throughout July have kept pressure on short-term rallies.
HYPE Price Slips Below Key Moving Averages
HYPE price remained below the 50-day and 100-day moving averages after losing an important support area. The token now trades closer to its 200-day moving average, which sits near $50 and marks the next major long-term support zone. The rising average may draw buyers seeking lower entry levels, but sellers still control the wider trend.
Source: TradingView
The relative strength index fell to around 34, placing HYPE close to oversold territory for the first time in several weeks. This reading can support a short rebound, but it does not confirm a market bottom. Continued exchange inflows may restrict recovery attempts if large holders keep reducing their exposure. Buyers still need stronger volume before any recovery can hold.
$50 Support Becomes Main Market Focus
On the four-hour chart, HYPE stayed below the Ichimoku cloud, showing that sellers still controlled the short-term trend. Price also remained under several Ichimoku levels near $54.34, $55.56, $56.78, and $57.14. Each level may act as resistance during any recovery attempt. The cloud remains the main barrier for bulls.
The first support area stands between $53.50 and $54. A clear break below that range could open the way toward $52. Stronger selling may then bring the $50 area into focus. Holding above current support could allow buyers to test $54.34 before targeting higher resistance levels. Failure to hold $53.50 may speed up the decline.
The Stochastic RSI climbed to 82.29, while its signal line reached 73.92. The rise showed better short-term momentum, but the indicator entered the overbought zone. HYPE could stage a brief rebound, although traders may take profits unless price moves above $55.56 and maintains that level. A move above $56.78 would improve the short-term setup.
Source: TradingView
Trading volume has cooled from the stronger activity recorded in May and June. Lower volume during a decline often points to weaker buying interest. The $50 to $52 range now remains the main area to watch. A move above the cloud near $57.14 would signal better buyer control.
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