HYPE Price Nears Oversold Zone With $50 Support in Focus
TLDR
- HYPE price has dropped about 24% over the past month and trades near $54.06.
- Multicoin Capital and Bitwise transferred HYPE worth about $8.74 million to Coinbase.
- The token remains below its 50-day and 100-day moving averages.
- RSI near 34 shows HYPE is approaching oversold territory.
- Immediate support sits between $53.50 and $54, followed by $52.
Hyperliquid’s native token extended its monthly decline as large holders continued moving HYPE to centralized exchanges. HYPE price has fallen about 24% over the past month and recently traded near $54.06 on the four-hour chart. The drop followed repeated failures to hold gains above the $60 area during July, while the wider crypto market also lacked a clear direction.
Recent on-chain data showed Multicoin Capital sent 137,100 HYPE, worth about $7.51 million, to Coinbase Prime. Bitwise also transferred 22,463 HYPE, valued at nearly $1.23 million, to Coinbase. Exchange deposits do not confirm sales, but they can increase available supply and weaken buyer confidence when demand remains limited. Similar transfers throughout July have kept pressure on short-term rallies.
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