Hyperliquid’s HYPE Faces Uncertainty Post-HyperEVM Launch Amid Weak Momentum and Key Support Levels
The post Hyperliquid’s HYPE Faces Uncertainty Post-HyperEVM Launch Amid Weak Momentum and Key Support Levels appeared on BitcoinEthereumNews.com.
Despite the recent launch of HyperEVM, Hyperliquid (HYPE) sees a 9% drop, indicating a potential struggle as bearish momentum increases. Market indicators show HYPE’s ADX has fallen to 10.6, signaling weak trend momentum, and the RSI is approaching oversold levels. “If the selling continues, HYPE might test the $22.5 support. Conversely, a breakout above $27.4 could potentially push it past the $30 mark,” analysts suggest. Hyperliquid’s latest launch faces challenges as HYPE price dips 9%. With bearish signals rising, what does this mean for future price movements? Hyperliquid Unveils HyperEVM Amidst Market Struggles The introduction of HyperEVM aims to enhance Hyperliquid’s decentralized finance (DeFi) capabilities, bringing Ethereum Virtual Machine (EVM) compatibility to its trading platform. This key upgrade promises **programmability** and expands the potential for decentralized applications, yet the immediate market reaction has not reflected expected enthusiasm. Despite the new features designed to improve user experience and DeFi engagement, the price of HYPE has declined significantly, emphasizing a **lack of buying momentum** post-launch. The performance of the cryptocurrency in the days following the HyperEVM release will be crucial in understanding market sentiment. Selected Protocols and Chains Revenue. Last 24 hours, Last 7 Days, Last 30 Days, and Last Year. Source: DefiLlama. Amidst these market dynamics, Hyperliquid remains a formidable player in the crypto sector, earning over **$8.5 million in revenue** in just the past week. This performance positions it among the top 20 earning applications, exhibiting resilience despite market volatility. Technical Indicators Reveal Bearish Trends for HYPE Analysis of the HYPE DMI indicates that the **Average Directional Index (ADX)** has decreased to **10.6**, down from **18.9** just days earlier. This drop suggests a **weakening trend**, indicative of a market without strong conviction. Generally, an ADX below **20** reflects a lack of directional authority. Moreover, while **+DI** stands at **23.3**, slightly…
Filed under: News - @ February 19, 2025 2:15 am