Let us analyze the current trend over Hyperliquid

#Macro Insights

As of February 19, 2025, Hyperliquid's $HYPE is trading at $23.27, reflecting a decrease of $2.37 (approximately 9.24%) from the previous close. The intraday high reached $25.94, with a low of $22.29.

Recent technical indicators suggest a bearish trend for $HYPE. The Average Directional Index (ADX) has declined to 10.6, indicating a weak trend, while the Relative Strength Index (RSI) has sharply dropped to 33.1, approaching oversold territory. Additionally, the Moving Average Convergence Divergence (MACD) has entered negative territory, reinforcing the bearish momentum. These indicators collectively point towards potential further downside unless buying pressure increases.

In terms of support and resistance levels, immediate support is identified at $22.5, with key resistance around $27.4. A sustained move below the support could lead to further declines, while a breakout above the resistance may signal a reversal towards the $30 range.

Despite the recent launch of HyperEVM, which integrates EVM functionality into Hyperliquid's ecosystem, the HYPE token has not experienced a positive price reaction. This development aims to enhance the platform's decentralized finance capabilities, yet market sentiment remains cautious.

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