Hyperliquid faces downward pressure as double-top pattern forms

The token’s recent decline follows a period of aggressive growth driven by derivatives activity and speculation surrounding tokenized SpaceX exposure. However, the momentum has shifted as Federal Reserve Chair Kevin Warsh signaled a hawkish policy stance, strengthening the dollar and dampening appetite for speculative assets. A recent unlock of 9.9 million HYPE tokens, valued at approximately $700 million, has also added supply-side friction that the ecosystem’s buyback mechanism is currently struggling to offset.

Technical indicators confirm the cooling sentiment. The MACD has crossed below its signal line, and the Chaikin Money Flow has dipped into negative territory at -0.06, signaling consistent capital outflow. With the price breaking below the 0.618 Fibonacci retracement level of $67.7, the focus has shifted to the $64.8 neckline. A failure to hold this support could invite a slide toward $58.4 or lower. Meanwhile, CoinGlass data identifies a critical battleground between $70 and $72, where dense liquidation clusters currently act as a magnet for price volatility.