The price of Hyperliquid (HYPE) is currently trading at 38.27 USD, down 2.31% in a single day, while the completed double top pattern and the tight liquidity cluster at 35.03 USD are increasing the chances that the price will fall rapidly in the next wave.
This token has failed to maintain profits above 42.67 USD. The price is currently moving sideways, with two independent signals determining this short-term trend line.
Long traders of HYPE in Thailand should be concerned.
The HYPE liquidation heatmap shows that there is a dense long leveraged position around 35.03 USD, with a total of long liquidations at this level amounting to 27.36 million USD.
If the price falls below 35.03 USD, it will force a rapid closure of those positions, leading to a mechanical sell-off and possibly accelerating a deeper price drop beyond the initial support breach.
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The heatmap shows that there is little liquidation between 38 and 35 USD, indicating that the price may pass through this period with limited friction. Furthermore, the lack of significant long leverage above 39 USD reduces the chances of a clear buying rebound before testing 35.03 USD.
Selling pressure is weighing on the HYPE market.
Currently, the Klinger Oscillator (KVO) is at 8.09K on the daily chart, just slightly above the zero line and continuing to move down. The signal line (green) has reversed downward, and the KVO (blue) is approaching a downward crossover point.
The Klinger Oscillator measures the difference between two EMA lines of price weighted by volume to determine if money is flowing into or out of that asset. If the value is above zero, it indicates dominating buying pressure. If the value is below zero, it translates to selling pressure being dominant.
This indicator peaked near 25K in early March, coinciding with HYPE soaring to 43.76 USD. Since then, momentum has waned, creating three consecutive lower highs, a pattern indicating a continued weakening of buying pressure in line with price movements.
When there is a confirmed drop below zero in the KVO, it will shift the momentum weighted by volume from bullish to bearish. Historically, on HYPE's daily chart, the crossing of the zero line in the KVO on both previous occasions often preceded price declines.
The Fibonacci retracement level at 0.382 is at USD 36.83, which is considered the first significant demand zone before the price reaches the liquidation cluster at USD 35.03. If the KVO drops below zero while the price remains below USD 36.83, the path to USD 32.33 or Fibonacci 0.618 will become the immediate main scenario.
The price to watch for HYPE.
The daily chart shows that HYPE has completed a double top structure and is currently continuing. The current price is at USD 38.27, moving close to this same support level.
The full downward forecast of this pattern is calculated from the breakout point at the neckline of USD 35.03, which would send HYPE to USD 21.64 upon confirmation of a downtrend, matching the 37.49% decline indicated on the chart.
Therefore, holding above USD 35.03 is considered crucial. If the daily close is below this level, it will confirm a double top and open the path to USD 32.33 first, then to USD 28.69.
To invalidate this downtrend, HYPE must reclaim the level of USD 38.80 and push above USD 42.67 with confidence. When the price breaks above USD 42.67, it will completely eliminate the double top structure and change the bias back to resistance at USD 47.15.