Following a strong market rally earlier this year, Hyperliquid (HYPE) is undergoing its first substantial correction. The asset briefly approached the $75–$76 range before sellers pushed it back toward a crucial support level at $58. HYPE currently sits just above its 100-day exponential moving average (EMA) at $57, a level that has served as dynamic support during previous advances.
Hyperliquid faces pivotal support
This marks the first time HYPE has tested its 100-day EMA since breaking out, posing a key question for its short-term trend. If buyers defend this area, the larger uptrend could continue. However, technical momentum appears to be weakening. Daily candle patterns show lower highs since the June peak, the relative strength index (RSI) has dropped near 40, and the 20-day EMA is now sloping downward.
Trading activity has also slowed. Volume has diminished significantly when compared to the high levels seen on HYPE’s run from $40 to above $70, reflecting reduced enthusiasm among buyers. Still, the overall long-term structure remains constructive for bulls.
The 50-day EMA sits at $64.7, with the 200-day EMA trending higher near $50. HYPE could see renewed attempts toward $65 and possibly $70 if it stabilizes above $57–$58. If the 100-day EMA breaks down, a deeper retracement toward the 200-day EMA is likely. The market remains in a validation phase, assessing whether the previous rally can be sustained.
| Asset | Current Price | Key Support | Key Resistance | Trend |
|---|---|---|---|---|
| HYPE | $58 | $57 (100-day EMA) | $65, $70 | Corrective |
| NEAR | $1.87 | $1.82–$1.87 | $2.00–$2.10 | Consolidating |
| SHIB | $0.0000042 | $0.0000042 | $0.0000051, $0.0000061 | Bearish |
| DOGE | $0.072 | $0.07 | $0.075, $0.078, $0.087 | Bearish |
NEAR shows greater stability
While HYPE struggles with volatility, NEAR Protocol is displaying relative resilience compared to many altcoins. NEAR has held above its key long-term indicators for several weeks. The asset is trading just above the 100-day EMA around $1.87, with further support at the 200-day EMA near $1.82.
This confluence around $1.82–$1.87 acts as a strong support cluster. Despite this, bulls have not managed to reclaim the 50-day EMA at $2.02. Each recovery attempt in the past month has failed within the $2.00–$2.10 range, establishing a clear band of resistance.
NEAR’s relative strength index is about 45, pointing to a balanced market. July’s sideways movement suggests neither side has established clear control. On longer timeframes, NEAR’s trend remains constructive, with the asset recovering from sub-$1 prices earlier this year and printing higher lows.
As long as NEAR holds above its 200-day EMA, accumulation appears to dominate. A decisive move above $2.00 could set the stage for attempts toward $2.30–$2.50. However, a loss of the $1.82 support would undermine the progress made in recent months.
Mini dictionary: NEAR Protocol is a layer-1 blockchain designed to provide fast, scalable decentralized applications. Its consensus mechanism, known as Nightshade, divides processing between shards for efficiency.
Recent performance puts $2.00 as the key level to watch for NEAR. A clear breakout above it could return the asset above all important short-term moving averages, while loss of the $1.82 support zone would risk invalidating months of recovery structure.
SHIB and DOGE remain technically weak
Shiba Inu continues to rank among the weakest large-cap cryptocurrencies in terms of technicals. Each significant rebound has been rejected at major moving averages, coupled with a protracted pattern of lower highs and lower lows on daily timeframes.
SHIB attempted a medium-term reversal between March and May with an ascending channel, but sellers cut short this effort near the 100-day EMA. The asset now trades below its 20-, 50-, 100-, and 200-day moving averages, underlining widespread weakness. Resistance stands at the 100-day EMA around $0.0000051, with the 200-day EMA at $0.0000061 forming a more formidable ceiling.
On the positive side, the RSI has rebounded from oversold territory as SHIB stabilizes around $0.0000042. Volume has dropped, hinting that heavy selling is fading. Buyers, however, need to push the price above declining moving averages to shift the narrative to recovery. Without this, the market remains in a post-downtrend consolidation phase.
SHIB’s first sign of buyer strength would be movement above $0.0000045. Failure to maintain current support may open the door to new lows and reinforce its long-term bearish trend.
Dogecoin displays a similar chart pattern but has shown slightly more stability than SHIB. DOGE has been trending downward in recent months but with a more gradual decline. At $0.072, the asset sits below all major moving averages. Overhead resistance is tightly stacked, with the 20-day EMA at $0.075, 50-day EMA at $0.078, and 100-day EMA at $0.087 constraining upward moves.
The RSI suggests modest momentum, remaining below the neutral 50 mark. While DOGE no longer sees significant downside extensions, July has brought a narrow trading range and diminished volatility. Key support for DOGE remains at $0.07.
If DOGE can defend this level and surpass the 20- and 50-day moving averages, a potential recovery to $0.09 could materialize. Until then, technical outlook remains bearish despite recent stability. The coming weeks may determine whether buying interest accumulates or another round of selling emerges.
