Rising Open Interest during a decline often signals that new positions are entering the market rather than existing traders exiting, suggesting bearish participation is increasing. If Open Interest continues to climb while HYPE remains below former support, sellers could maintain control in the near term. Meanwhile, the aggregated funding rate remains slightly positive at around 0.006%, indicating that long positions are still paying shorts despite the ongoing pullback.
While the funding premium is relatively modest, it also suggests that bullish positioning has not been fully unwound. If HYPE fails to recover above the broken support, these leveraged longs could come under additional pressure, increasing the risk of further downside.
The Bottom Line—Can Bulls Prevent a Drop Below $50?
HYPE remains under pressure after confirming a triple-top reversal and breaking below the key $54 support zone, leaving sellers in control of the short-term trend. The weakening market structure, coupled with declining buying interest, suggests the token is entering a critical phase where the next major move is likely to be determined.
The bullish scenario hinges on buyers reclaiming the $54–$55 resistance zone. A sustained move above this level could invalidate the recent breakdown, improve market sentiment, and pave the way for a recovery toward $60, with $72 emerging as the next major resistance if buying momentum strengthens further.
Conversely, the bearish scenario remains dominant as long as HYPE trades below former support. A decisive break below the $48 support level could accelerate selling pressure and expose the token to the $42–$44 demand zone, extending the ongoing correction.
For now, $48 remains the level to watch. Whether buyers successfully defend this support or sellers force another leg lower will likely determine HYPE’s next directional move.
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