Hyperliquid Price Nears Critical Support as HYPE Bulls Target $61

Hyperliquid (HYPE) is approaching a decisive technical zone after a sharp correction from its June-July highs. Trading around $54.54, the HYPE price is caught between several resistance levels and an important long-term support area that could determine its next major move.

The market structure shifted significantly in early August. After repeatedly testing the $72-$76 region, HYPE lost its previous bullish sequence and declined toward $52. The latest rebound has struggled around two moving averages near $56.73 and $57.30, making the $56-$57 range the first major resistance zone buyers need to reclaim.

A breakout above $57 could strengthen short-term momentum, but HYPE remains below another key moving average around $61.58. For that reason, a sustained recovery above $61-$62 would provide stronger confirmation that the Hyperliquid price correction may be ending.

Despite recent weakness, the longer-term HYPE technical outlook remains relatively constructive. The 200-day moving average sits near $50.69 and continues to trend upward. As long as HYPE holds the $50-$51 support zone, the decline can still be viewed as a substantial correction within the cryptocurrency's broader recovery structure.

Momentum indicators, however, show that bulls have more work to do. The Relative Strength Index (RSI) is around 42.5, keeping it below the neutral 50 level. HYPE trading volume has also declined considerably compared with the strong activity recorded during the May-June rally, suggesting that buying momentum has yet to return convincingly.

The $50 level is therefore crucial for the next HYPE price move. A breakdown below this support and the 200-day moving average could weaken the technical structure and potentially expose the $46-$48 region.

Conversely, reclaiming $57 followed by a breakout above $61.50 could shift momentum back toward buyers and open the door to $65-$67. Hyperliquid remains technically vulnerable in the short term, but its rising 200-day moving average means the broader chart has not yet turned decisively bearish.