HyperLiquid has lost an important resistance level at $42.24, prompting potential price correction. Current dynamics call for monitoring key support zones.
Failed Auction and Its Implications
After briefly reclaiming $42.24 and reaching a new all-time high, HyperLiquid failed to sustain above this level, concluding its attempt to break out. This breakdown has initiated corrective movement. "The loss of $42.24 marks a significant shift in momentum as this level briefly acted as support after the new high."
Key Support Levels
The next critical levels to watch will be the point of control and the value area low around $30, which may significantly influence price movement. If HYPE breaches these zones, the next significant support level will be $26.53.
Price Movement Outlook
The current correction could be viewed as a healthy pullback within a broader uptrend, provided HYPE holds the point of control. However, losing this zone increases the likelihood of further decline.
Analysis indicates that the lack of demand at levels above $42.24 raises the risks of further correction. Monitoring support levels and trading volume will be crucial in determining price direction.
