Hyperliquid (HYPE) Dips: Will the Token Bounce Back?

Crypto markets experienced significant volatility this week, leading to a 4% drop in total market value. Bitcoin and Ethereum declined by 3% and 6%, respectively, resulting in nearly $1.16 billion in liquidations. Major altcoins also experienced losses, with Hyperliquid (HYPE) experiencing a notable 4% decline over the past 24 hours. HYPE is now retracing a key breakout zone that could signal a rebound or further downward movement.