HYPE price falls below $65 resistance, risks further drop to $57.22

Price Action and Market Metrics

HYPE is currently changing hands at $62.26, marking a decline of 7.93% over the past 24 hours. Its daily trading volume reached $887.20 million, while its market capitalization stands at $15.80 billion, placing HYPE among the leading assets in the DeFi sector by market cap.

Semifury.eth, a crypto analyst, commented on the situation with a technical analysis, highlighting that the token now trades just below an important resistance at $65.784. According to the analyst, holding below this level on daily closing terms could expose HYPE to further losses, with $57.22 identified as the next key support.

Semifury.eth stated that if HYPE price closes below $65.784, the chance of a move down toward $57.22 increases, while a return above $65 could help buyers regain momentum and potentially drive the price towards recent highs.

He considers the $65 area a decisive zone for the token’s next direction. A sustained bounce above this mark would signal renewed buying strength, while continued weakness could reinforce the downtrend.

Technical Analysis: Signs of Weakness

According to chart indicators, HYPE faces challenges from weak buying momentum. The price currently sits beneath the mid Bollinger Band at $66.47, while the upper and lower bands are at $72.43 and $60.52, respectively. With the token trading closer to the lower band, short-term selling pressure remains evident.

The Relative Strength Index (RSI) for HYPE stands at 43.48, below both the neutral 50 mark and the 52.75 signal line. This positioning suggests ongoing bearish momentum, but the RSI has not yet entered oversold territory, leaving room for further declines without signaling a reversal.

The coming days could prove pivotal for the token. A move back above the $65–$66 resistance might revive bullish sentiment, prompting technical indicators to recover. If selling persists, however, attention will likely shift to lower support levels at $60 and, as highlighted by semicfury.eth, $57.22.

Investors remain watchful as HYPE navigates this critical technical region, with the potential for further volatility if either buyers or sellers gain the upper hand.

Mini dictionary: Bollinger Bands, a volatility indicator developed by John Bollinger, consist of a middle moving average line and two bands above and below it, reflecting price fluctuations around the average and helping traders spot overbought or oversold market conditions.