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HYPE HYPE pulled back after being blocked from breaking through US$90, and key support levels attracted market attention.
This week, Hyperliquid (HYPE) experienced a significant correction after failing to effectively break through the US$90 resistance range, prompting the market to pay close attention to several key technical indicators. As a local token on a decentralized perpetual contract exchange, HYPE has experienced a strong rally, breaking through previous resistance levels of US$75 and hitting a record high of approximately US$89.60 on September 6. However, as profit-taking and selling pressure intensified, the upward momentum gradually weakened.
After encountering a rejection near US$90, HYPE fell back to the US$77 -80 region, which has now become an immediate support area in the near future. Technical analysts pointed out that as long as the 12-hour ascending channel remains intact, the key to the short-term direction lies in the gains and losses of this region. If the price can stabilize above US$80, it will show buyer resilience; on the contrary, if it falls below this zone, it may enter a deeper correction stage.
US$70 -75 range becomes a key support band
Multiple analyses point out that US$70 -75 is a potential correction area for HYPE. This area combines previous support levels with key Fibonacci retracement levels in recent gains, and traders are watching closely whether buyers are defending here. Cryptocurrency analyst @CopySkylerBFX pointed out that $75 after the decline was the key support, while liquidity and pressure were concentrated in the $88 -89 range. Another analyst, AH_Roshani, posted on TradingView, called the $75 a "strong" support and believed that if this level was held, it would lay the foundation for prices to return to previous highs.
Independent Market Research also emphasized the importance of the $70 and $76 levels in the CoinMarketCap analysis on September 11, viewing them as key nodes to maintain the overall upward trend.
Elliot Wave Theory provides further background
Independent chart analyst Sophia ElliottWave proposed an Elliot Wave scenario, arguing that the current correction is a wave II adjustment on the eight-hour chart HYPE/USD. Analysts pointed out that the US$70 -75 region is between the 38.2% and 50% Fibonacci retracement level of the recent surge.
Based on this framework, if HYPE can remain above US$70, the correction may end and pave the way for the next round of gains. On the contrary, if the price breaks through US$90 or falls below US$51, the current wave count will be negated and the market structure will need to be re-evaluated.
Noun explanation: Elliott Wave Theory is a technical analytical trading method that analyzes financial market cycles and trends based on recurring wave patterns. It is widely used to predict price movements and identify areas of support or resistance. Market participants emphasized that Fibonacci retracement indicates areas where prices may find support or resistance, but does not in itself guarantee a reversal or continuation.
Top Test and US$88 -90 Resistance
Bullish technical analysis from @CopySkylerBFX and AH_Roshani both converged on the US$88 -90 region, viewing it as the main resistance level for any attempt to rebound. Since the region has accumulated a large amount of liquidity and suppressed previous gains, HYPE must resolutely break through the region to confirm the establishment of a new round of upward trend. Although a recovery towards $88 -90 will be an important rebound signal, analysts warn that a real breakthrough can only be confirmed by a clear breakthrough through the previous high.
Other market sources have pointed out that clearing clusters near $83.50 and $87 may trigger increased volatility in the short term, highlighting the importance of focusing on these upper ranges.
Key prices determine the next trend of Hyperliquid
Whether HYPE can maintain its bullish outlook depends on its performance near $75 and the broader $70 -75 support area. Holding these levels will maintain a positive market structure and give bulls more opportunities to re-test the $88 -90 resistance level. If it (strongly) falls below $75, the focus will shift to $70 support, increasing the risk of a sharp correction. If HYPE loses its current foothold, market observers expect a reassessment of the persistence of the uptrend in the coming weeks.
Currently, technical signals suggest this is a correction rather than a reversal, but developments around the $70 -75 and $88 -90 price levels are likely to determine Hyperliquid's near-term trend.
