\n\t\t\t\t\t\t\t\t\tHYPE’s market capitalization dropped below $9 billion earlier today.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
November has not been kind to the crypto market (so far), and the past 24 hours brought another painful pullback.<\/p>\n
Hyperliquid (HYPE) is among the worst-affected digital assets, with its price plummeting by 18% over the last day at one point. Some analysts believe the storm has yet to pass, predicting further declines in the near future.<\/p>\n
HYPE Leaves This Elite Club<\/h2>\n
As of this writing, the native token of the decentralized crypto exchange trades at roughly $33, whereas its market cap stands around $9 billion. This means that HYPE is no longer among the 20 biggest cryptocurrencies. Recall that a few months ago, the asset\u2019s capitalization briefly exceeded $16 billion, placing it close to the top 10 club.<\/p>\n
The renowned analyst Ali Martinez suggested<\/a> that the problems for the asset might be just starting. He spotted the formation of a \u201chead and shoulders pattern\u201d on HYPE\u2019s chart, where the \u201chead\u201d represents the all-time high above $58 reached in September. According to him, this may be followed by another 25% pullback to around $25.<\/p>\n Many other market observers believe a further slump could be on the way. X user Mr B expects<\/a> to see HYPE trading in the $20-$30 range by the beginning of next year, forecasting that a drop of that magnitude is also possible before the end of 2025.<\/p>\n Earlier this month, Crypto Chase\u00a0described<\/a> the $25-$28 zone as \u201can area of interest for the long term,\u201d hinting they would jump on the bandwagon if the price dips to that level.<\/span><\/p>\n Contrary to the hostile environment in the crypto sector and the pessimism among some analysts, HYPE\u2019s Relative Strength Index (RSI) signals the valuation might be poised for a rally.<\/p>\n The technical analysis tool measures the speed and magnitude of the latest price movements and varies from 0 to 100. Readings below 30 indicate that HYPE is oversold and could post short-term gains, whereas readings above 70 are considered bearish territory. Currently, the RSI stands at 17, tipping the scales towards the bullish side.<\/p>\nHYPE is Oversold<\/h2>\n
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