HYPE has rebounded to around $63.5 after a sharp selloff on June 24 dragged the token to an intraday low of $59.18. The altcoin remains down roughly 11% over the past seven days, despite a 2% recovery in the last 24 hours. The bounce follows a broad risk-off wave that swept across financial markets, amplified by institutional de-risking ahead of the May PCE inflation data and a steep selloff in semiconductor stocks.
This macro pressure accelerated a multi-day slide that had already pulled Bitcoin below $65,000, eventually forcing it under the psychological $60,000 threshold on June 24. The broader market rout triggered a wave of long liquidations across crypto, with HYPE falling nearly 9% during the session before buyers stepped in around the $59 level.
Derivatives Traders Remain on the Sidelines
While spot demand has shown signs of improvement, derivatives positioning tells a different story. According to data from Velo.xyz, HYPE’s aggregated spot cumulative volume delta (CVD) has recovered from recent lows, narrowing from roughly $110 million in selling during the drop from $76 in early June to around $95 million. This suggests buyers are becoming more willing to absorb supply at current levels, but the token has yet to enter a strong accumulation phase.
In contrast, derivatives market activity remains subdued. Open interest has continued to decline, and derivatives CVD has slipped to around negative $389 million from roughly negative $400 million at the start of June. This indicates traders are reducing exposure rather than opening fresh leveraged positions, limiting the strength of the current recovery.
Technical Picture: Momentum Fades, Support Levels in Focus
HYPE remains in an established uptrend on the daily chart, but momentum has cooled considerably after its recent rally to an all-time high near $76.90 on June 16. The token is currently testing its 20-day exponential moving average (EMA) near $64 after failing to reclaim the $75–$76 resistance area.
Below current prices, the 50-day EMA around $59 has once again acted as support, while the 100-day EMA near $52 aligns closely with the lower Bollinger Band around $53.3. Together, these indicators reinforce the $50–$54 region as the next major support zone if sellers regain control.
HYPE’s relative strength index (RSI) has eased to around the neutral 50 level after previously reaching overbought territory, a setup similar to the consolidation HYPE experienced after reaching a local high in May 2025. Meanwhile, the MACD remains above the zero line, showing the longer-term trend is still positive, although a bearish crossover and a negative histogram indicate bullish momentum has weakened in the short term.
Key Levels to Watch
For now, the recovery above $62 has prevented a more severe technical breakdown. Sustained buying in the spot market and renewed participation from derivatives traders would strengthen the case for another attempt at higher levels. Failure to attract fresh demand, however, could leave HYPE vulnerable to another test of the $59 support area, with the $50–$54 zone standing out as the next important line of defense.
In related market developments, the broader crypto market continues to grapple with macro headwinds. For context on how institutional positioning is affecting other assets, see our coverage of XRP's struggle to hold above $1.10 and Ethereum's rally facing resistance at $1,800.
This article is for informational purposes only and does not constitute financial advice.
