Hype Corrects to $77 as Traders Watch Key Support Levels
HYPE, the native token of decentralized perpetuals exchange Hyperliquid, has corrected to $77 after failing to break through the $90 resistance zone. This price rejection prompted a closer look at key technical levels.
The correction comes after HYPE's recent rally propelled it above previous resistance at $75 and reached an all-time high near $89.60 on September 6. However, profit-taking and selling pressure intensified close to the peak, causing the momentum to fade.
A number of technical analyses highlight the importance of the current support zone around $77-$80, noting that as long as this channel holds, the overall uptrend remains intact. A sustained recovery above $80 would signal resilience from buyers, while a clear drop below this region could shift the short-term picture into deeper correction territory.
The $70-$75 area has emerged as a critical support zone for HYPE, combining earlier support with key Fibonacci levels from the recent rally. If HYPE manages to stay above $70, the correction could end and make way for another advance, according to an Elliott Wave analysis provided by Sophia-ElliottWave.