Hyperliquid (HYPE) Price Tests Key Support as Bulls Fight to Preserve Uptrend

Hyperliquid (HYPE) is undergoing its first major correction after posting one of the strongest rallies in the cryptocurrency market this year. Following a surge that briefly pushed the token close to the $75-$76 range, selling pressure intensified, sending HYPE back toward the critical $58 support level.

The latest pullback has shifted traders' attention to the 100-day exponential moving average (EMA), currently near $57. This technical level acted as reliable dynamic support throughout HYPE's previous rally and is now being tested for the first time since the breakout. Holding above this zone could reinforce the broader bullish trend, while a decisive breakdown may signal a deeper correction.

Technical indicators suggest momentum has weakened in recent sessions. Daily price action has formed lower highs since the June peak, the Relative Strength Index (RSI) has fallen toward the 40 level, and the 20-day EMA has started to slope downward. Trading volume has also declined noticeably compared with the heavy buying activity that fueled HYPE's climb from around $40 to above $70, indicating reduced market enthusiasm.

Despite the short-term weakness, the long-term outlook remains constructive. The 50-day EMA sits near $64.70, while the 200-day EMA continues trending higher and is approaching the $50 mark. As long as HYPE maintains support between $57 and $58, buyers could regain momentum and attempt another rally toward $65, with the $70 level remaining a key upside target.

However, if the token loses its footing below the 100-day EMA, selling pressure could accelerate, potentially driving the price toward the rising 200-day EMA near $50. Such a move would represent a more substantial retracement after months of strong gains.

For now, Hyperliquid is no longer in a breakout phase. Instead, the market is determining whether the previous rally reflected sustainable demand or excessive speculation. The coming sessions will be crucial in deciding whether HYPE resumes its uptrend or enters a deeper corrective cycle.