HYPE token is struggling to maintain momentum as Hyperliquid faces mounting pressure from Aster, a fast-rising decentralized exchange (DEX) that has quickly gained traction with backing from Binance founder Changpeng Zhao (CZ).

With plunging trading volume on Hyperliquid, its native token HYPE has also faced waning demand. This has caused it to trend mostly sideways in recent sessions, with bears trying to regain full market control. 

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HYPE’s Breakdown Deepens

Over the past 24 hours, Aster ranks second in total fees generated, just behind Tether, while Hyperliquid has slipped to eighth place. This gap highlights the growing shift in trader attention away from Hyperliquid toward its new rival.

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As user activity drops on Hyperliquid, demand for its HYPE token has also dwindled, putting pressure on its price. Exchanging hands at $42.39 as of this writing, the altcoin’s value has dropped by nearly 30% in the past seven days.

Momentum indicators confirm the bearish trend. On the daily chart, the Balance of Power (BOP) is firmly in negative territory, signaling persistent selling pressure.

The BOP indicator measures the strength of buyers versus sellers in the market. When its value is positive, it suggests that buying pressure dominates, with bulls pushing the price higher. Conversely, a negative reading indicates Go to Source to See Full Article
Author: Abiodun Oladokun