Eseandre Mordi
⬤ Hyperliquid's HYPE token has been bleeding out for weeks and is now sitting at a make-or-break technical level. The token has shed about 50% from its high, with the daily chart showing a steady grind lower. Price is back at a zone that's acted as both support and resistance before—one of those areas traders watch closely because it tends to spark reactions.
⬤ What's notable here is how badly HYPE is lagging compared to the rest of crypto. While other assets have found some footing, HYPE keeps printing lower highs and lower lows, showing that sellers are still in control. The current price around the upper 20s lines up with previous consolidation points, which makes this spot technically meaningful. When price returns to these areas, market behavior often shifts.
⬤ The setup suggests a possible short-term bounce could happen if buyers show up to defend this level. But let's be clear—this isn't about a trend reversal. The broader structure is still firmly bearish, and any bounce would likely be limited. The chart marks this support/resistance zone clearly, and while a reaction is possible, the downtrend remains intact.
⬤ For the wider altcoin market, how HYPE handles this level matters. If it holds, it might signal that selling pressure is finally easing up. If it fails, it reinforces the bearish case and could add to negative sentiment across similar tokens. With HYPE already down 50%, what happens next at this zone will shape near-term volatility and how much risk traders are willing to take on alts.
Eseandre Mordi
