Hyperliquid Nears Critical Technical Level Amid Ongoing Correction

Hyperliquid (HYPE) is nearing a significant technical level after a two-week correction phase. The asset, currently trading at $59.5, has been forming lower highs while staying above long-term support since its June rally to $75.

The 100-day exponential moving average, historically a reliable support throughout the uptrend, sits right on top of HYPE's current price area. If buyers hold this level, they may attempt another comeback toward the 50-day EMA around $62 and then the 26-day EMA around $64.3.

Regaining both moving averages would boost bullish momentum, possibly inspiring a challenge to the $68-70 resistance range. Throughout the correction, volume has steadily decreased, indicating a positive trend of profit-taking rather than aggressive liquidation.