Recent market analysis shows that Hyperliquid (HYPE) has struggled to break through the $50 level, which has led to a price drop of over 5%.
Rejection at Channel Top
The price of HYPE was unable to break through the upper boundary of its trading channel on two occasions. This, according to the chart, indicates a potential short-term turning point. The current price stands at $43.64.
Trend Shift Confirmation
HYPE has dropped below the 20 and 50 EMA levels, which is typically seen as a trend shift signal. The current trading price is below last week's opening level of $46.04, suggesting sellers may be in control of the market.
Support Levels and Future Expectations
According to the volume profile, support is found around the $38 level. It is expected that the price may test this level, which also serves as a demand zone. If buying volume increases, a bounce may occur; otherwise, the price could continue to decline.
Current analysis indicates that HYPE is under pressure, and traders are closely monitoring key levels for potential reversals.
