Hyperliquid (HYPE) has been generating substantial revenue in recent weeks, accumulating $42.53 million in fees over the past 30 days. Despite these robust financial figures, technical indicators are signaling a potential shift in momentum. The Relative Strength Index (RSI) and Bollinger Band Trend (BBTrend) metrics have both displayed weakening trends, indicating that the upward trajectory may be losing steam.

In the past few days, HYPE attempted to breach a significant resistance level at $19.26 but was unsuccessful on two occasions. This failure has placed additional pressure on the short-term trend, leaving the token at a pivotal juncture where it could either experience a sharp decline or initiate a fresh upward movement towards $25.

The RSI has experienced a rapid decline, plummeting from 60.93 to 42 within a short period. This abrupt change suggests that the recent bullish sentiment has waned, prompting increased caution among traders. After touching overbought territory earlier in the week, HYPE now approaches levels that imply neutral to slightly oversold conditions. The RSI, which assesses the speed and magnitude of an asset's recent price fluctuations, typically signals overbought conditions when readings exceed 70 and oversold conditions when they fall below 30. Currently positioned at 42, HYPE resides in a neutral zone but exhibits a slight inclination toward weakness. Should the RSI continue to descend, it might pave the way for further downward pressure; conversely, stabilization and a rebound could enable HYPE to recover before enduring more substantial losses.

Simultaneously, the BBTrend indicator has undergone a dramatic reduction, decreasing from 12.68 five days ago to 2.63. Such a steep decline often corresponds with a marked deceleration in trend strength, implying that the price might enter a consolidation phase or prepare for a more extensive correction. BBTrend evaluates the strength of an asset's trend by analyzing the width and expansion of its Bollinger Bands. High BBTrend values, usually above 10, denote strong trending dynamics, whereas lower values near 0 suggest a weak or sideways market. At 2.63, HYPE's current BBTrend reading highlights diminished trend strength. If this metric persists at low levels, it may result in price consolidation or lateral movement unless new momentum emerges.

Over the last few days, HYPE has encountered the $19.26 resistance level twice without success. Consequently, its trend seems to be losing vigor, with a potential death cross potentially imminent. In the event of sustained bearish momentum, HYPE might retreat to test support at $16.82. Intensified selling pressure could trigger a breakdown below $14.66, thereby exposing deeper support levels at $12.42 and possibly $9.32.

Conversely, should bullish momentum re-emerge, HYPE may attempt another assault on the $19.26 resistance. A decisive breakout above this threshold could clear the path towards $21, and if momentum remains robust, HYPE might surge to $25.87. This would represent the first time the token surpasses $25 since February 21.

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