HYPE Forms a Potential Rounding-Top Pattern as Price Approaches Critical Support Level

HYPE Token's Market Analysis: Hyperliquid's HYPE token is showing signs of a rounding-top pattern, indicating a potential shift in momentum as the market weakens near the upper curve, with a downside target around $16.

Chart Indicators of Weakness: Recent trading activity reveals a bearish trend, characterized by lower highs, increased sell-volume during declines, and a significant drop in price to approximately $29.50, reinforcing the overall bearish sentiment.

Critical Support Level: The key support area identified in the chart is crucial; a breakdown below this level would confirm the rounding-top pattern and could lead to further price declines toward the $20–$16 range.

Potential for Reversal: While the current charts indicate no signs of a strong reversal, if buyers can defend the support and reclaim the mid-arc region, the bearish pattern may lose validity.