Hyperliquid (HYPE) Price Holds Key Support as Bulls Eye Recovery Above $65

Hyperliquid (HYPE) remains one of the strongest large-cap cryptocurrencies despite pulling back from its recent peak near $75. After an impressive rally that lifted the token from below $30 to above $75 over the past several months, the latest price action points to a healthy consolidation rather than a complete trend reversal.

HYPE is currently trading around $61 after slipping below its 50-day and 100-day moving averages, both of which are clustered between $64 and $65. This zone has become the key resistance level that bulls must reclaim to restore upward momentum and increase the chances of another push toward recent highs.

Although short-term technical indicators have weakened, the broader trend remains constructive. The token continues to trade above its rising 200-day exponential moving average near $57 and its 200-day moving average around $49, indicating that the long-term bullish structure is still intact.

A recent decline toward the $58 support zone attracted buyers almost immediately, triggering a solid rebound and preventing a deeper sell-off. This price reaction suggests investors continue to view market dips as buying opportunities instead of reasons to exit positions.

Trading volume has also declined during the correction, a positive signal that indicates selling pressure is easing rather than intensifying. Meanwhile, the Relative Strength Index (RSI) has cooled to around 42, removing much of the overheated momentum that accompanied Hyperliquid's strong rally earlier this year and creating room for another potential advance.

If HYPE manages to break back above the crucial $65 resistance level, buyers could target $70 before attempting to revisit the yearly highs. On the downside, the $57-$58 support zone remains critical. A decisive break below that range could expose the token to further downside toward its 200-day trend line, potentially accelerating profit-taking and delaying the next bullish breakout.