Hyperliquid’s HYPE: Is a 50% Plunge Looming? Examining the Bearish Outlook

HYPE, the native cryptocurrency of the decentralized exchange Hyperliquid, experienced a meteoric rise this summer, hitting an all-time high of nearly $60 in mid-September. However, its valuation has since retreated significantly, prompting concerns about a potential downturn. Analyst Ali Martinez believes a sharp drop to around $36 could confirm a classic head-and-shoulders pattern, potentially leading to a plunge to as low as $20. HYPE currently trades at approximately $41, meaning such a significant decline would represent a 50% erosion of its value.