HYPE Price Breaks Key Support Amid Bearish Pressure

The price of Hyperliquid (HYPE) has dropped below a key support level after breaking down from a descending triangle pattern. This technical breakdown signals bearish pressure ahead for the asset.

According to Alpha Crypto Signal, on June 23, 2026, HYPE broke down from the descending triangle pattern after multiple failed attempts to rally to higher levels. The market has shown reduced leverage in play, with a 2.78% drop in open interest and an increase of 18.29% in trading volume.

The OI-weighted funding rate stands at -0.0041%, indicating some pressure on the long side but not too bad. Without bulls regaining control, it seems likely that the dominant trend will be downward in the short run.