HYPE Price Dives Below $52.5 Amid Testnet HIP-4 Deployments
Hyperliquid's (HYPE) price slipped below $52.5 on August 1, remaining within its descending channel despite recent developments.
The testnet rollout of permissionless HIP-4 deployments by Hyperliquid did not immediately boost demand for HYPE, keeping the token inside the channel that has guided price lower since early July.
A stronger recovery would require price to clear the $56-$57 resistance cluster, which includes the upper boundary of the descending channel and the 0.382 Fibonacci retracement near $57.
The next support sits near $51.2, where the 0.5 Fibonacci retracement meets the lower boundary of the descending channel. Holding above this level would keep the current channel intact, while a daily close below it could expose the previous demand area around $47, which would erase over 40 days of gains.