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HYPE faces a correction and market dynamics changes

2026-07-23 12:35:31
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Market dynamics shift, HYPE faces correction

Hyperliquid (HYPE) is experiencing its first significant correction after a sharp rise at the beginning of the year. The asset had previously tried to hit the $75 to $76 range, but then fell back to key support at $58 and is currently just above the $57 where the 100-day indexed moving average (EMA) is located. This level has been continuously supported in previous upward trends.

Can HYPE hold on to key support?

HYPE's current position is testing the 100-day EMA, which is crucial for short-term movements. If buyers can hold on to this level, the overall trend may continue to rise, but the technical signals are weakening. Recent daily price patterns show that highs have been declining since their June highs, and the Relative Strength Index (RSI) is close to 40. At the same time, the 20th EMA showed a downward trend.

Trading volume has shrunk significantly from previous highs, indicating that investor interest is waning. Still, long-term indicators remain optimistic about the bullish outlook.

Is NEAR more stable?

NEAR Protocol shows relative strength compared to similar assets with high volatility such as HYPE. NEAR has remained above the key time indicator for several weeks and is currently slightly above the $1.87 where the 100-day EMA is located. This range provides strong support, but the 50th EMA of $2.02 remains a significant resistance on the way to a rebound.

Market balance is reflected in its RSI of 45. The sideways trend in July suggests that the long and short sides are still fighting for control. However, NEAR's recovery from previous lows is still intact.

HYPE is at a critical juncture, with potential areas for re-attempts around $65 to $70.
The key threshold for NEAR is US$2.00. Once effectively exceeded, it may pave the way for a rise to US$2.30 to US$2.50.

SHIB and DOGE are still limited by their respective resistance levels and continue their bearish tendencies. The change in trading volume suggests that although SHIB is consolidating, selling pressure has eased. DOGE maintains a slow pace but remains at its main support line of $0.07, and its future trend depends on whether it can break its moving average.

Both Shiba Inu and Dogecoin showed technical weakness. SHIB still faces heavy resistance and has tried repeatedly to rebound since mid-year without success. Although the RSI shows signs of stabilization, the SHIB market is still in a consolidation stage and there is the possibility of further decline.

Although Dogecoin and SHIB have similar trends, their stability is slightly higher. DOGE's current price is $0.072, below the main moving average, highlighting dense areas of resistance. To reverse this trend, key levels above the 20th and 50th EMA must be exceeded. The future direction of these assets depends on subsequent market movements and changes in investor sentiment.

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