Crypto Market Update: HYPE Approaches Key Support, SHIB Breaks Through Resistance

Hyperliquid (HYPE) is getting close to its significant technical level of $59.5, which has historically served as dependable support throughout the larger uptrend.

The asset's recent drop put it below the 26-day and 50-day EMAs, but sellers have not yet succeeded in forcing a clear breakdown below the $57.5 100-day EMA.

Buyers may attempt another comeback toward the 50-day EMA around $62 and then the 26-day EMA around $64.3 if they hold this level.

A regain of both moving averages would boost bullish momentum and probably inspire another attempt to challenge the $68-70 resistance range.

Additionally, Shiba Inu (SHIB) has finally provided the breakout that many traders had been waiting for, with a rally that pushed SHIB through both the 26-day and 50-day exponential moving averages.

The short-term series of lower highs that had characterized SHIB's July performance was also rendered invalid by the move.

Chainlink (LINK) is making an effort to complete a significant trend reversal after regaining all three of the shorter-term exponential moving averages.

XLM has gradually lost steam as volatility has decreased since the spectacular surge toward $0.30 earlier this summer, and is currently stuck in a protracted consolidation phase.