Hyperliquid (HYPE) Plummets 18% in 24 Hours, Exits Crypto Top 20 Amid Bearish Predictions

Hyperliquid's native token HYPE has suffered a severe price decline, dropping by 18% in the past 24 hours and over 30% in the last month, with its value hovering around $33 and market capitalization falling to approximately $9 billion.

This sharp downturn has pushed HYPE out of the top 20 cryptocurrencies by market cap, a significant fall from its peak in September when it briefly neared the top 10 with a market cap exceeding $16 billion and an all-time high price above $58.

Analyst Ali Martinez highlighted a head and shoulders pattern on HYPE's chart, warning of a potential additional 25% decline to around $25. Other observers, including X user Mr B, forecast HYPE trading in the $20-$30 range by early next year, while Crypto Chase identified the $25-$28 zone as a long-term interest area for potential buying opportunities.

Despite the bearish outlook, HYPE's Relative Strength Index (RSI) stands at 17, indicating an oversold condition that could signal short-term gains. Altcoin Pioneer noted the token is undergoing an ABC correction after a massive initial pump, with the first wave erasing 77% from the local top, and emphasized that a bullish reversal would require breaking and closing above $65 on a 3D timeframe.

Key support levels are watched at $28-$32, with volume drying up suggesting potential capitulation, but this correction may lay the groundwork for a future Wave 3 rally if market conditions improve.