Hyperliquid (HYPE) has been experiencing significant downward pressure in recent days, with its price declining by approximately 16% over the past week. Technical indicators are increasingly pointing to bearish dominance in the market, signaling concerns among investors about further declines. The momentum of HYPE has weakened considerably, as evidenced by the Relative Strength Index (RSI) dropping below 40, and there has been no substantial evidence of strong buying interest since late March.

Simultaneously, the Directional Movement Index (DMI) indicates that sellers are gaining control of the market. The Average Directional Index (ADX) has risen from 21.5 to 23.6, suggesting that the downtrend might strengthen in the near future. As HYPE approaches critical support levels, the market is now closely monitoring whether buyers will be able to stage a recovery or if additional downward pressure is imminent.

The DMI highlights early indications of a developing trend, with the ADX moving closer to the 25 threshold. The ADX assesses the intensity of a trend without considering its direction; values below 20 generally denote a weak or sideways market, whereas figures above 25 imply the existence of a robust trend. Although the ADX is approaching the 25 mark, it has not yet confirmed the presence of a definitive trend, prompting traders to remain vigilant regarding potential continuations in price movements.

Furthermore, the DI and -DI lines, representing bullish and bearish directional movements respectively, have undergone notable changes. The DI has plummeted from 25.68 to 12.79, while the -DI has surged from 11.29 to 23.4, illustrating that bearish forces have decisively surpassed bullish pressures. This shift indicates that sellers are asserting their influence over the market, and unless the DI line reverses course and regains lost territory, HYPE faces the risk of further depreciation.

Should these trends persist, coupled with the rising ADX, they may herald the initiation of a more pronounced bearish phase.

Over the last couple of days, Hyperliquid has witnessed a substantial decline in its RSI, falling from 63.03 to 39.39. The RSI functions as a momentum oscillator gauging the velocity and extent of recent price fluctuations, operating within a scale of 0 to 100. Typically, readings exceeding 70 suggest that an asset is overvalued and might require a correction, whereas values beneath 30 indicate it is undervalued and poised for a recovery. Ranges between 30 and 70 are viewed as neutral zones; however, shifts inside this band frequently mirror alterations in momentum.

With HYPE's RSI currently positioned at 39.39, the indicator reveals diminishing bullish momentum and escalating bearish tendencies. The absence of the RSI reaching or surpassing the 70 mark since March 24 reflects waning conviction among buyers in recent weeks. This decreasing trajectory in the RSI might signify that the market is losing steam. Absent intervention from buyers to reverse this pattern, HYPE could sustain selling pressures.

If the RSI continues its descent towards 30, it could heighten the likelihood of further declines or consolidations in the short term.

Hyperliquid's price is presently at a crucial juncture, displaying bearish inclinations yet retaining the possibility for a rebound. Should the current downtrend persist, HYPE might soon breach the $11 level. This scenario aligns with the recent downturns in momentum indicators such as the RSI and the intensifying bearish trends observed in directional movement statistics.

Conversely, if buyers intervene and alter the momentum, HYPE could endeavor to recapture higher levels. Breaking above the immediate resistance at $12.19 would serve as the initial indication of a recovery, possibly paving the way for a move toward $14.77. If bullish momentum strengthens, the rally might extend up to $17.33, marking a complete reversal of the prevailing bearish configuration.

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