The cryptocurrency market has flipped bearish as long traders recorded massive losses over the past 24 hours. Bitcoin has dropped below $80,000 once again, while Ethereum failed to defend the $2,300 resistance level. HYPE, the native coin of the Hyperliquid DEX, is down by 3.6%, making it the second-worst performer among the top 10 cryptocurrencies by market cap. It is currently trading at $38 after closing below the rising trendline earlier this week. Mixed signals from the derivatives markets put a lid on HYPE’s recovery. If the bearish trend persists, HYPE could likely aim for the support level around $37 in the near term. Mixed sentiment keeps HYPE bearish HYPE has been underperforming over the past few days, losing 10% of its value in the last seven days. The bearish performance comes amid mixed sentiment from retail investors. Data obtained from CoinGlass shows mixed signals, keeping the bulls cautious. The long-to-short ratio for HYPE reads 0.70 on Thursday, the lowest level over a month. This ratio, being below one, reflects bearish sentiment in the market, as more traders are betting on the asset’s price to fall. However, the funding rates support a positive sentiment among traders. CoinGlass’ OI-Weighted Funding Rate data for HYPE flipped positive on Wednesday and reads 0.0078% on Thursday. This metric being positive indicates that longs are paying shorts, projecting a bullish sentiment. The combination of these two derivative metrics suggests indecision among HYPE investors and a lack of clear directional bias. This could keep HYPE low, affecting its chances of a sustained recovery. Hyperliquid price forecast Similar to other leading cryptocurrencies, the HYPE/USD 4-hour chart is bearish thanks to its recent poor performance. HYPE’s price broke and closed below the rising trendline earlier this week, losing 7% of its value in the last two days. At the time of writing on Thursday, HYPE is extending the correction, trading below $39. If the bearish trend continues, the bears could push the price below the 200-day Exponential Moving Average (EMA) at $37.88. A daily candle close below the 200-day EMA would pave the way for a deeper correction towards the $36.09 support level in the near term. Currently, Hyperliquid’s momentum indicators suggest a bearish outlook. The Relative Strength Index (RSI) on the 4-hour chart reads 33, approaching the oversold region. Meanwhile, Moving Average Convergence Divergence (MACD) indicators on the same chart showed a bearish crossover on Monday, projecting a negative outlook. However, if the bulls regain control of the market, HYPE could extend its recovery toward the 50-day EMA at $40.11. A daily candle close above this level would allow the bulls to target the recent 4-hour swing high at $42.25. However, the broader market conditions remain bearish, which could affect recovery for HYPE and other leading cryptocurrencies in the near term. The post Is HYPE entering a bear market after a 10% weekly decline? appeared first on Invezz
Invezz 2026-05-14 11:47
The cryptocurrency market has turned bearish over the past 24 hours, with Bitcoin dropping below $80,000 once again. Ethereum has also dropped below $2,300, while XRP failed to defend the $1.45 support level. LINK, the native coin of the Chainlink blockchain, has lost 3% of its value since Wednesday and is now trading at $10.2. The bulls have defended the $9.91 support level, and this could allow the buyers to step in. Despite the recent pullback, improving on-chain metrics, with rising social dominance and trading volume, suggest bullish sentiment may be building for LINK. Furthermore, steady flows into US-listed spot LINK Exchange Traded Funds (ETFs) indicate growing institutional demand. On-chain data support a rally for LINK Data obtained from Santiment currently supports a bullish outlook for Chainlink. The index measures the share of LINK-related discussions across the cryptocurrency media. Currently, the index is in an upward trend, reading 0.232% on Thursday, reaching a new yearly high and levels not seen since November 2025. This rise indicates growing market interest and sentiment among LINK investors. Furthermore, Chainlink’s trading volume reached $741.06 million on Thursday, rising steadily since the end of April. The surge in trading volume suggests a growing interest in LINK, boosting its liquidity in the process. In addition to that, SoSoValue data shows that spot LINK ETFs recorded inflows of $2.44 million on Wednesday, after $1.91 million on Monday. If the ETF inflows persist, LINK’s price could surge higher in the near term. On Wednesday, Chainlink announced via X that Fidelity International, a global asset manager with $1+ trillion total client assets, launched FILQ, its first tokenized fund powered by Chainlink. https://twitter.com/chainlink/status/2054532287660765692 Chainlink price forecast The LINK/USD 4-hour chart is bearish thanks to the broader crypto market’s underperformance over the past few hours. LINK is trading at $10.2 on Thursday, holding below the longer-term Exponential Moving Average (EMA). However, the 100-day EMA around $9.91 and the 50-day EMA near $9.55 sit comfortably beneath the spot, reinforcing a recent bullish bias. Momentum indicators remain supportive, with the Relative Strength Index (RSI) hovering just above 60 and the Moving Average Convergence Divergence (MACD) line still in positive territory. If the market selloff persists, sellers would encounter support at the $9.91 region, aligning with the 38.2% Fibonacci retracement. A daily candle close below this level would expose the 50-day EMA at about $9.56 and the prior trendline break zone near $9.20. However, if the buyers regain control, they would face initial resistance at the 50% Fibonacci retracement near $10.78. If the rally persists, the 200-day EMA is around $11.42, and the 61.8% retracement at $11.63 would form advanced resistance levels. A push above these levels is needed for Chainlink to establish a long-term bullish bias. The post LINK price eyes $12 as Chainlink ETF demand and volume surge higher appeared first on Invezz
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Is HYPE entering a bear market after a 10% weekly decline?
