Analyst warns of $59 target for HYPE as head-and-shoulders pattern forms

Hyperliquid ‘s native token HYPE is under increased scrutiny as analysts point to a possible downside move, following a strong week of gains. At last check, HYPE traded at $84.00, representing a 1.8% drop in the past 24 hours but still up 8.31% over the last seven days. The token’s market activity remains robust, with a daily trading volume of $1.1 billion. Technical analysts have highlighted a potential head-and-shoulders top pattern emerging on the 12-hour HYPE chart, which could signal a sharp short-term correction.

Source: CoinTurk News