Hyperliquid price risks 70% crash as multiple bearish patterns emerge

Paxos has launched USDG0, a new omnichain stablecoin designed to provide fully backed dollar liquidity across multiple blockchains, including Hyperliquid, Plume, and Aptos. This initiative aims to maintain a single regulated supply of the stablecoin across these networks, enhancing its accessibility and usability in the cryptocurrency market.

Hyperliquid's native token, HYPE, is experiencing a notable recovery following a significant liquidation event that saw $96.5 million in BTC-USD perpetual contracts liquidated. This event was part of a larger market downturn that affected over 164,000 traders and resulted in $814 million in total liquidations across various exchanges. Despite this turmoil, HYPE's price has increased by 6% in the last 24 hours, surpassing $41 after maintaining a critical support level of $36.51.

Sonnet has postponed the vote on the merger with Hyperliquid, despite receiving 95% support from the votes cast. The delay is aimed at gathering more shareholders to meet the necessary approval threshold for the merger, which is part of a plan to establish a $1 billion treasury firm focused on HYPE.

Aster price is demonstrating significant resilience in a weak cryptocurrency market, with a developing round-bottom structure suggesting a potential rally towards $2.13. This positive trend stands out amidst broader market declines, indicating investor confidence in Aster's performance.

Ethereum price is currently showing a bullish divergence at the $2,900 support level, indicating a potential upward movement towards $3,425, contingent on volume confirmation. This development suggests a shift in market sentiment, as traders may anticipate a recovery in Ethereum's value following recent volatility.

Bitcoin has seen a significant decline, dropping below $90,000 in recent trading sessions. This downturn has been accompanied by a general decrease in the cryptocurrency market, where most altcoins have followed suit. However, certain tokens like ICP, HYPE, and ASTER have bucked the trend, posting gains despite Bitcoin's struggles. The overall sentiment in the market remains negative as investors react to the volatility and uncertainty surrounding Bitcoin's future.

Bitcoin has entered a death cross, a technical pattern indicating potential further declines, as its short-term moving average has fallen below its long-term average. This development raises concerns about Bitcoin's ability to regain momentum after a significant downturn. The cryptocurrency market is currently testing key support levels, and analysts are closely monitoring the situation to determine if this pattern will lead to extended weakness similar to that observed in 2022.

On November 18, cryptocurrency prices continued to decline, with Bitcoin (BTC) falling to a nearly seven-month low of around $90,700. This drop represents a significant decrease from its previous high of over $126,000 in October. Altcoins such as Ethereum (ETH), Solana (SOL), and XRP also experienced losses, contributing to a total liquidation exceeding $1 billion in the crypto market. The bearish sentiment has raised concerns among investors about the sustainability of the current market trends.