On July 28, Hyperliquid (HYPE) hovered near a critical technical level after nearly two weeks of correction. Trading just above the 100-day exponential moving average (EMA) at $59.5, this level has historically provided strong support during the asset’s previous uptrend.
Since its sharp surge to around $75 in June, HYPE has been forming lower highs but managed to remain above this long-term support. However, recent price action dipped below the 26-day and 50-day EMAs, signaling short-term momentum is still under pressure.
Despite these challenges, sellers have yet to push HYPE decisively below the $57.5 100-day EMA. Should buyers defend this zone, a rebound toward the 50-day EMA near $62 and the 26-day EMA at $64.3 could be on the cards.
Regaining these moving averages would likely fuel bullish momentum and might lead to another attempt at breaking through the resistance range between $68 and $70. Volume has steadily declined during this corrective phase, which often points to profit-taking rather than heavy selling.
The relative strength index (RSI) dropped to about 43, providing room for buyers to accelerate without entering overbought territory. If support fails, the next significant level to watch is the 200-day EMA, close to $50.
