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HYPE Falls 20% After Hyperliquid Treasury News Disappoints
The price of HYPE has taken a drastic turn for the worse, plummeting by a staggering 20% in the last 24 hours. This significant correction comes on the heels of an announcement from Nasdaq-listed Eyenovia (EYEN) to allocate $50 million towards building a crypto reserve consisting of HYPE tokens.
Despite this substantial allocation, HYPE’s price failed to gather momentum and has instead succumbed to strong selling pressure. The token has now corrected by nearly 20% from its all-time high of $45 and is currently trading at around $38.09.
The recent correction could be attributed to the market’s tendency to reassess value after a significant upswing, accompanied by profit-taking from early investors. This price drop marks a steep decline in HYPE’s value within a short period.
A close analysis of the technical chart pattern reveals that Hyperliquid has formed an ascending triangle, which could lead to further dips if not supported.
Source: www.coinspeaker.com
