The price of Hyperliquid's HYPE token fell below the $37 support level on April 2, indicating weakening buyer strength and increased bearish control. This decline follows repeated tests of the $37 level, which previously acted as a short-term support. The failure to rebound towards the $43.7 local high, coupled with broader market downturns affecting Bitcoin and major altcoins, has added pressure on HYPE's price. Momentum indicators such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) show declining strength and capital outflows, reinforcing bearish conditions. Key Fibonacci levels at $32.44 and $29.5 are identified as potential demand zones where buyers might re-enter if the retracement deepens. However, current signals suggest traders are hesitant to accumulate at these prices. A recovery above $41.59 could challenge the bearish outlook, but until then, the trend remains under pressure.