Hyperliquid (HYPE) Price Tests Critical 100-Day EMA as Bulls Defend Key Support

Hyperliquid (HYPE) is approaching one of its most important technical levels after spending nearly two weeks in a corrective phase. The token is trading around $59.5, hovering just above its 100-day exponential moving average (EMA) near $57.5, a level that has consistently acted as strong support during its broader uptrend.

Following its rally toward the $75 mark in June, HYPE has been forming lower highs while remaining above long-term support. The recent pullback pushed the token below both the 26-day EMA and 50-day EMA, signaling weakening short-term momentum. However, sellers have yet to force a decisive break below the 100-day EMA, making the current price zone a crucial battleground.

If buyers successfully defend this support, Hyperliquid could rebound toward the 50-day EMA around $62, followed by the 26-day EMA near $64.3. Reclaiming these resistance levels would strengthen bullish sentiment and increase the chances of another move toward the $68 to $70 resistance range.

Trading volume has gradually declined throughout the correction, suggesting the recent weakness is more likely driven by profit-taking than aggressive selling. This pattern often indicates that market participants are waiting for the next directional move rather than exiting positions in large numbers.

Meanwhile, the Relative Strength Index (RSI) has eased to approximately 43, leaving room for renewed buying interest without immediately pushing the asset into overbought territory. The technical setup suggests that momentum could recover if demand returns at current levels.

On the downside, losing the 100-day EMA would shift attention to the 200-day EMA near $50, which represents the next major support. A drop below that level would weaken the medium-term bullish structure that has been in place since March and could signal a deeper correction.

For now, Hyperliquid remains in a healthy pullback within a broader uptrend. The token’s ability to hold above the 100-day EMA will likely determine whether HYPE resumes its bullish trajectory or enters a more prolonged decline.