Hyperliquid (HYPE) price is trading at $38.27, down 2.31% on the day, as a completed double top pattern and a dense liquidation cluster at $35.03 raise the odds of an accelerated leg lower.
The token has failed to hold gains above $42.67, and the price is now consolidating. Two independent signals now define the near-term trend line.
HYPE Long Traders Should Be Worried
The HYPE liquidation heatmap shows a dense band of leveraged long positions clustered around $35.03. Cumulative long liquidation leverage at that level totals $27.36 million.
A move below $35.03 would trigger the forced closure of those positions in rapid succession. This would create mechanical selling pressure that could accelerate any decline well beyond the initial breakdown.
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The heatmap shows relatively thin liquidation stacking between $38 and $35, suggesting the price could slice through that range with limited friction. The absence of significant long-side leverage above $39 further limits the likelihood of a demand-driven reversal before the $35.03 test arrives.
Selling Pressure Set Dominates HYPE
The Klinger Oscillator (KVO) is currently reading 8.09K on the daily chart, sitting just above the zero line with a clear downward trajectory. The signal line (green) has already turned lower, and the KVO (blue) is converging toward a bearish crossover.
The Klinger Oscillator measures the difference between two volume-weighted EMAs of price to gauge whether money is flowing into or out of an asset. When it rises above zero, buying pressure dominates; when it falls below zero, selling pressure takes control.
The indicator peaked near 25K in early March, coinciding with HYPE’s rally to $43.76. Since then, momentum has declined in three successive lower highs, a pattern of deteriorating buying pressure that mirrors the price action.
A confirmed cross below zero on the KVO would shift volume-weighted momentum from bullish to bearish. Historically, on the HYPE daily chart, both prior KVO zero-line breaks preceded drawdowns.
The 0.382 Fibonacci retracement level sits at $36.83, offering the first meaningful demand zone before price reaches the $35.03 liquidation cluster. Should the KVO break below zero while the price is below $36.83, the path to $32.33 — the 0.618 Fibonacci level — becomes the primary scenario.
HYPE Price Levels To Watch
The daily chart shows HYPE has completed a double top breakdown, now underway. Price is currently sitting at $38.27, hovering around the support at the same level.
The pattern’s full downside projection is calculated from the breakdown point at the $35.03 neckline. This points HYPE to $21.64 on a confirmed breakdown, matching the 37.49% decline annotated on the chart.
Holding $35.03 is therefore non-negotiable for bulls. Only a daily close below it would confirm the double top and open the door to $32.33 first, then $28.69.
For the bearish thesis to be invalidated, HYPE would need to reclaim $38.80 and then push through $42.67 with conviction. A break above $42.67 would negate the double top structure entirely, shifting the bias back toward the $47.15 resistance.
