Hyperliquid (HYPE) price has experienced a decline of over 6% in the past 24 hours, despite the introduction of HyperEVM, aimed at enhancing the platform's DeFi capabilities and introducing programmability to its trading ecosystem.
Technical indicators are showing weaknesses, with fading momentum and emerging bearish signals. The next major move in HYPE price will depend on whether HyperEVM can drive renewed buying pressure or if the current downtrend persists.
Hyperliquid Unveils HyperEVM, Generates Millions Daily
Hyperliquid has unveiled HyperEVM, a significant move towards integrating smart contract functionality into its high-speed financial system. The upgrade brings Ethereum Virtual Machine (EVM) compatibility, enabling decentralized applications while retaining the platform's trading efficiency.
The initial release on the mainnet features security supported by HyperBFT consensus, seamless transfers between native HYPE and HyperEVM HYPE, and a system contract to facilitate DeFi activities.
Hyperliquid continues to establish itself as a leading player in the crypto space, ranking among the top 20 highest-earning applications in the past week, with revenue exceeding $8.5 million.
Indicators Suggest Mixed Sentiment for Hyperliquid
HYPE DMI indicates a drop in its ADX to 10.6, down from 18.9, pointing towards a weakening trend. While bullish pressure remains, it is not dominant, as indicated by the +DI slightly above -DI.
The market could face further weakness, with short-term EMA lines trending downwards and a significant drop in RSI to 33.1. Traders are closely monitoring the situation for signs of stabilization or further decline.
Price Prediction for Hyperliquid
EMA lines suggest a possible death cross, indicating weakening momentum and potential downside. If the downtrend continues, HYPE price might test support levels at $22.5, $20, or even $18.89.
However, a breakout above $27.4 could signal a push towards $28.3 and potentially above $30 if sustained bullish momentum follows the launch of HyperEVM.
The market's response to HyperEVM will determine whether HYPE breaks out of its downtrend or faces continued pressure.