Hyperliquid has retreated more than 13% from its record high after a wave of profit-taking hit HYPE, while traders assess whether a newly formed double-top pattern could trigger a deeper correction.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n According to data from crypto.news, Hyperliquid (HYPE<\/a>) price fell to an intraday low near $65.7 on June 19, extending losses from its June 16 all-time high of $76.70.<\/p>\n The pullback followed one of the strongest rallies in crypto this month, fueled<\/a> by heavy derivatives activity, a short squeeze, and enthusiasm surrounding tokenized SpaceX exposure on the Hyperliquid ecosystem.<\/p>\n The decline has unfolded alongside a risk-off move across digital assets after Federal Reserve Chair Kevin Warsh reinforced a hawkish policy<\/a> stance during his first meeting at the helm of the U.S. central bank. Higher-for-longer rate expectations strengthened the dollar and pressured speculative assets, prompting traders to reduce exposure across altcoins.<\/p>\n Additional pressure came from Hyperliquid\u2019s recent token unlock. Earlier this month, roughly 9.9 million HYPE tokens entered circulation as part of a scheduled vesting event worth about $700 million at prevailing prices. Although Hyperliquid\u2019s fee-funded buyback mechanism helped absorb much of that supply during the rally, the market has become more sensitive to any slowdown in trading activity.<\/p>\n Network activity remains elevated by historical standards, but perpetual trading volume has eased from the peak levels recorded during HYPE\u2019s surge toward $77. With fewer buyback-driven purchases entering the market, short-term traders have become more willing to lock in gains after the token\u2019s rapid ascent.<\/p>\n <\/p>\n The four-hour chart shows HYPE carving out a clear double top near the $76.70-$77 region, a pattern that often appears near local market peaks. HYPE has already broken below the 0.618 Fibonacci retracement level around $67.7 and is testing support between $64.8 and $65.<\/p>\n A decisive break beneath the $64.8 neckline area would strengthen the bearish setup and increase the probability of a move toward the next Fibonacci support near $62, followed by the $58.4 region. The measured target derived from the double-top structure also aligns with a potential decline toward the upper-$50 range.<\/p>\n Momentum indicators have weakened. On the four-hour chart, the MACD has crossed lower and remains below its signal line, while Chaikin Money Flow has slipped into negative territory at approximately -0.06, suggesting capital has been leaving the asset during the recent selloff.<\/p>\n The daily chart presents a mixed picture. HYPE continues to trade above major support near $56.5, but price remains below the daily Supertrend resistance at roughly $74.3. Bulls would need to reclaim the $70-$72 zone to invalidate the immediate bearish structure and reopen the path toward the recent highs.<\/p>\n CoinGlass liquidation heatmap data shows a dense concentration of leveraged positions between $69.5 and $72. Strong liquidation bands are clustered around $70 and $71.8, creating a magnet zone if buyers regain control.<\/p>\n Meanwhile, sizeable liquidity pockets have formed below the market around $65 and $64. A breakdown into those levels could trigger another round of long liquidations and accelerate downside volatility.<\/p>\n According to analyst Lennaert Snyder, Bitcoin recently swept liquidity around $62,300 and may seek lower levels before establishing a durable bottom. While Snyder\u2019s comments focused on Bitcoin, continued weakness in the market leader could add pressure across high-beta assets such as HYPE.<\/p>\n \u201c$BTC swept 62.3K liquidity and hit our target,\u201d Snyder wrote<\/a>, adding that he would prefer to see fresh lows below $59,000 before considering a more durable reversal.<\/p>\n A recovery in crypto sentiment, renewed derivatives activity, and a move back above $70 would improve HYPE\u2019s outlook. Until then, traders remain focused on whether the double-top breakdown extends toward the mid-$50 support zone or stabilizes before a larger trend reversal develops.<\/p>\n\n
Double-top pattern puts key support levels in focus<\/h2>\n
![\"HYPE](\"https:\/\/media.crypto.news\/2026\/06\/HYPEUSDT_2026-06-19_15-40-31.webp\")
![\"HYPE](\"https:\/\/media.crypto.news\/2026\/06\/HYPEUSDT_2026-06-19_15-37-49.webp\")
Liquidation clusters create battleground between $70 and $72<\/h2>\n
![\"HYPE](\"https:\/\/media.crypto.news\/2026\/06\/HYPE-Liquidation-Heatmap24-hour-2026-06-19_16_13_59.webp\")