HYPE fell 24% from its June peak, and Dogecoin, NEAR and SHIB are testing key technology positions

Hyperliquid (HYPE) suffers its first sharp correction, key support levels are tested

Hyperliquid (HYPE) is ushering in its first substantial correction after experiencing a strong market rebound earlier this year. The asset briefly approached the $75 -76 range before selling pushed it to a key support level of $58. HYPE is currently near US$57, slightly above its 100-day exponential moving average (EMA), which has served as dynamic support during previous upswings.

Hyperliquid faces a key support test

This is HYPE's first test of the 100-day EMA since its breakthrough, raising key questions about the direction of its short-term trend. If buyers hold on to this area, a larger upward trend may continue. However, technological momentum seems to be weakening. The daily candle chart shows a lower high since its June high. The Relative Strength Index (RSI) has dropped to around 40, and the 20th EMA has also begun to turn downward.

Trading activity also slowed down. Compared with the high transaction volume during the period when HYPE rose from US$40 to more than US$70, the current transaction volume has shrunk significantly, reflecting the cooling of buyers 'enthusiasm. However, from a long-term structure perspective, it is still beneficial to the bulls.

The 50th EMA is at US$64.7, while the 200th EMA maintains an upward trend around US$50. If HYPE can stabilize above $57 -58, it may try again to hit $65 or even $70. Once the 100th EMA falls, it may usher in a deeper correction, with the target pointing to the 200th EMA. The market is currently in the verification stage and is assessing whether previous gains can be sustained.

NEAR demonstrates greater stability

As HYPE struggles with volatility, NEAR Protocol shows relative resilience compared to many other altcoins. NEAR has stayed above its key long-term indicators for several weeks in a row. The asset is currently trading near the 100-day EMA (approximately $1.87), further supporting the 200-day EMA (approximately $1.82).

The range of US$1.82 -1.87 constitutes a strong support cluster. Still, the bulls failed to recover the 50-day EMA of $2.02. Every rebound attempt in the past month has been blocked in the $2.00-$2.10 range, creating a clear resistance band.

NEAR's relative strength index is about 45, indicating that the market is in balance. The sideways trend in July showed that neither party had gained clear control. Looking at the longer cycle, NEAR's trend remains positive, with the asset recovering from below $1 earlier this year and reaching a higher low.

As long as NEAR remains above the 200th EMA, the fundraising trend still seems to dominate. Once it breaks through US$2.00 decisively, it will pave the way for a shock to US$2.30 -2.50. However, a loss of $1.82 support could undermine progress in recent months.

Small Dictionary: NEAR Protocol is a Layer-1 blockchain designed to provide fast and scalable decentralized applications. Its consensus mechanism is called Nightshade, which improves efficiency through fragmentation processing.

Recent performance has set US$2.00 as a key observation level for NEAR. If this level is clearly exceeded, the asset is expected to return above all important short-term moving averages; while a loss of the US$1.82 support area may put the recovery structure of months at risk of failure.

SHIB and DOGE are still technically weak

From a technical perspective, Shiba Inu (SHIB) remains one of the weakest among large-cap cryptocurrencies. Each significant rebound was suppressed by the main moving average, while a pattern of sustained lower lows and lower highs was formed on the daily chart.

SHIB tried to achieve a medium-term reversal through the rising channel between March and May, but selling interrupted this effort near the 100th EMA. The asset is currently trading below the 20th, 50th, 100th and 200th moving averages, highlighting the general weakness. Resistance is at the 100-day EMA (approximately US$0.000051), while the 200-day EMA (US$0.000061) constitutes a firmer upper limit.

On the positive side, the RSI has rebounded from oversold territory as the SHIB stabilizes around US$0.000042. Trading volume fell, suggesting that the massive sell-off was abating. However, buyers need to push prices above the declining moving average to shift the narrative towards recovery. Otherwise, the market is still in a consolidation stage after a downward trend.

The first signal of SHIB buyer power will be a price breakthrough of US$0.000045. Failure to hold current support may open up new downside and further consolidate its long-term bearish trend.

Dogecoin (DOGE) shows a similar chart shape, but is slightly more stable than SHIB. DOGE has shown a downward trend in recent months, but the decline has been more gradual. The current price of $0.072 is below all major moving averages. Resistance above is densely arranged, with the 20-day EMA (US$0.075), 50-day EMA (US$0.078) and 100-day EMA (US$0.087) limiting upside.

RSI shows weak kinetic energy, still below the 50 neutral line. Although DOGE no longer experienced a sharp decline, July brought a narrow trading range and reduced volatility. DOGE's key support remains at $0.07.

If DOGE can hold on to this level and break through the 20-day and 50-day moving averages, a potential rebound towards US$0.09 could be achieved. Prior to this, despite the recent stability, the technical side remains bearish. The next few weeks will determine whether buying interest accumulates or a new round of selling appears.