Hyperliquid Price Plunges: Bearish Double Top Signals $35 Crash?

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Hyperliquid price forms bearish double top, will it crash back to $35?

Hyperliquid’s price continued to fall on Tuesday after it couldn’t break through a crucial resistance level. This has led to worries that the price chart might be forming a bearish double top, which often signals a potential downturn.

Summary

  • Hyperliquid price fell toward $39 after forming a potential bearish double top pattern near the $44–$45 resistance zone.
  • Whale positioning on Hyperliquid reached $4.236 billion, with long and short exposure remaining nearly balanced at a 0.98 ratio.
  • A bearish MACD crossover and weakening momentum indicators raised the risk of a deeper correction toward the key $35 support level.

Hyperliquid’s (HYPE) price recently fell to about $39.20 as of May 13, according to crypto.news. It had briefly risen above $44 earlier in the month, but has since decreased. However, the current price is still considerably higher than its low point in April, which was around $35.

A recent adjustment comes as traders on Hyperliquid have around $4.236 billion in open positions. Interestingly, large traders are nearly evenly split between bets that the price will go up (long positions, around $2.099 billion) and bets that it will go down (short positions, around $2.137 billion). This creates a nearly neutral balance between long and short positions, with a ratio of 0.98.

Despite a lot of price swings in the crypto market, big investors and wealthy traders are still unsure about where prices are headed in the short term.

Since 21Shares launched the first U.S. exchange-traded funds (ETFs) connected to the HYPE token, investors have generally maintained a positive outlook on the Hyperliquid platform. These new products include a standard ETF that allows staking, as well as a leveraged fund based on the Hyperliquid decentralized derivatives platform.

The introduction of the ETF has boosted Hyperliquid’s reputation with institutional investors, as the platform remains the leader in decentralized perpetual futures trading. It currently holds a significant portion of the total open interest in this market and handles billions of dollars in trades every day.

Traders seem to be selling HYPE to secure gains, as the price hasn’t been able to consistently move above the $44–$45 level in recent weeks.

Hyperliquid price analysis

Looking at the daily price chart, Hyperliquid seems to be forming a bearish double top pattern. This means the price has hit a high point twice, around $44 to $45, which often suggests the upward trend is losing strength. If the price falls below a key support level (the ‘neckline’), it could signal a more significant price drop is coming.

The pattern’s neckline is currently around the $35.2 support level, which is also a key area where buyers strongly stepped in to prevent further price drops back in April.

The MACD indicator is now showing signs of decreasing momentum. The MACD histogram is negative once more, and the MACD line has dropped below the signal line – a bearish signal. This suggests prices could continue to fall in the near future.

The Aroon indicator suggests that the upward price momentum is weakening. The Aroon Up line is falling, approaching the 50% mark, and the Aroon Down line remains low at around 7%. This indicates that buyers are slowly losing strength, although a strong downtrend hasn’t fully taken over yet.

If the price falls below $35, it could confirm a bearish double top pattern, potentially leading to a further drop to around $31–$32.

If prices go back above $44, that would suggest the recent downward trend might be over and could lead to a rise towards the $50 mark.

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2026-05-13 17:49