📉 📈 Hyperliquid could target $20 as selling pressure grows

Hyperliquid extends a bearish reversal from the resistance trendline formed by connecting the October 30 and November 18 highs on the daily chart. At the time of writing, HYPE trades below $30 on Tuesday, exceeding the November 22 low at $29.37.

❄️A decisive close below this level could extend the decline to the S1 Pivot Point at $26.03, followed by the October 10 low at $20.84.

❄️On a more bearish note, the 50-day Exponential Moving Average (EMA) crossed below the 200-day EMA on Thursday, signaling a fresh bearish trend as short-term selling outpaces the prevailing trend.

🔹Other technical indicators bolster the bearish case, including the Relative Strength Index (RSI) at 34, which is slipping toward the oversold zone, suggesting a sell-side dominance. Meanwhile, the Moving Average Convergence Divergence (MACD) indicates a rise in bearish momentum as the average lines descend into the negative territory after a crossover on Saturday.

🔹HYPE/USDT daily price chart.
To reinstate an uptrend, the $HYPE token should surface above $30 to challenge the resistance trendline near $34.00.
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