Hyperliquid (HYPE) has been experiencing significant selling pressure recently, with its price declining by approximately 16% over the past seven days. Technical analysis indicates that bearish forces are increasingly dominating the market, as multiple indicators are signaling a potential continuation of the downtrend.

The momentum of HYPE has weakened considerably, as evidenced by the Relative Strength Index (RSI). Over the past week, the RSI has fallen below the 40 level, and there has been no notable resurgence in buying interest since late March. Historically, when the RSI drops below 30, it suggests that the asset might be oversold, while readings above 70 indicate overbought conditions. In this case, the current RSI value of 39.39 implies that the asset is neither oversold nor overbought, but the weakening trend suggests that the bullish momentum is losing strength.

Simultaneously, the Directional Movement Index (DMI) is pointing towards a bearish scenario. The Average Directional Index (ADX) has risen from 21.5 to 23.6, indicating an increase in trend strength. Generally, ADX readings below 20 denote a weak or sideways market, while values exceeding 25 suggest a strong trend. Although the ADX has not yet reached the 25 threshold, its upward trajectory signals that the market is transitioning into a more defined trend phase. Traders are advised to monitor the situation closely as this could foreshadow a potential extension of the current price decline.

The DMI components, DI and -DI, also reflect the bearish sentiment. The DI, representing bullish directional movement, has plummeted from 25.68 to 12.79, while the -DI, indicative of bearish momentum, has surged from 11.29 to 23.4. This crossover indicates that sellers are gaining control, and unless the DI regains its position relative to the -DI, HYPE may face further downward pressure. Such developments, coupled with the rising ADX, could herald the initiation of a more pronounced bearish trend.

In addition to the DMI, the RSI has experienced a sharp decline over the last couple of days, dropping from 63.03 to 39.39. This reduction in the RSI reflects diminishing bullish momentum and increasing bearish tendencies. Since the RSI has not approached the overbought region above 70 since late March, it indicates that buying enthusiasm has been lacking in recent weeks. If the RSI continues to decline, it could signal further selling pressure or a period of consolidation in the near term.

Currently, HYPE is trading near a critical support level. If the bears maintain their dominance, the price could breach the $11 mark, consistent with the downward trajectory indicated by the RSI and the directional movement data. Conversely, if buyers intervene successfully, HYPE may attempt to recover and retest higher levels. A decisive breakout above the immediate resistance at $12.19 would be a positive sign, potentially paving the way for a move towards $14.77. Should bullish momentum intensify, the price could rally further to $17.33, marking a complete reversal of the current bearish pattern.

In summary, the technical landscape of Hyperliquid presents a complex scenario where both bullish and bearish scenarios remain plausible. Market participants will be watching closely to determine whether the bulls can mount a successful defense or if the bears will push the asset lower.

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