Hyperliquid (HYPE) entered a notable correction this week after failing to break through the $90 resistance zone, prompting close monitoring of several key technical levels.
Market pulls back after all-time high
Hyperliquid is a decentralized perpetuals exchange, and its native token HYPE recently experienced a strong rally, climbing above previous resistance at $75. The move propelled HYPE to a new all-time high near $89.60 on September 6, according to market data. However, the momentum faded as profit-taking and selling pressure intensified close to that peak.
After the rejection near $90, HYPE pulled back to the $77-$80 area, which has now emerged as the immediate support zone. Technical analysts highlighted this level as significant for short-term direction, as the broader 12-hour ascending price channel remains unbroken for now.
Several technical analyses identify $77-$80 as a crucial support range following the latest pullback, 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.
$70-$75 emerges as a critical support zone
Multiple analyses now highlight the $70-$75 band as a potential retracement area for HYPE. This region combines earlier support with key Fibonacci levels from the recent rally, and traders are watching to see if buyers defend it.
Crypto analyst @CopySkylerBFX pointed to $75 as a vital support following the decline, while resistance and liquidity pressures were concentrated in the $88-$89 range. AH_Roshani, another analyst posting on TradingView, described $75 as a “strong” support, arguing that if this level holds, it sets up a possible move back toward the previous high.
Independent market research placed further significance on the $70 and $76 price points, as highlighted by a CoinMarketCap analysis on September 11, with both levels identified as pivotal for maintaining the broader uptrend.
| Zone | Type | Significance |
|---|---|---|
| $70-$75 | Support | Key for retracement, Fibonacci area |
| $77-$80 | Support | Immediate downside watch |
| $88-$90 | Resistance | Liquidity, recent rejection |
Elliott Wave analysis provides further context
Sophia-ElliottWave, an independent chart analyst, presented an Elliott Wave scenario suggesting the current correction forms part of a Wave II move on the eight-hour HYPE/USD chart. The analysis identified the $70-$75 zone as falling between the 38.2% and 50% Fibonacci retracement levels from the recent surge.
According to this framework, if HYPE manages to stay above $70, the correction could end and make way for another advance. Conversely, a breakout above $90 or a slide below $51 would invalidate the current wave count, requiring a reassessment of the market structure.
Mini dictionary: Elliott Wave analysis, a technical trading approach that analyzes financial market cycles and trends based on a recurring pattern of waves, is widely used to forecast price movements and identify support or resistance zones.
Market participants monitoring Fibonacci retracements stress that these levels indicate areas where price may find support or resistance, but do not guarantee a reversal or continuation by themselves.
Upside tests and resistance at $88-$90
Bullish technical analyses from @CopySkylerBFX and AH_Roshani converge on the $88-$90 region as the primary resistance for any recovery attempt. Heavy liquidity in this band, which previously capped the rally, means that HYPE needs to decisively break through this area to confirm a renewed uptrend.
A recovery toward $88-$90 would mark a significant bounce from support, but analysts caution that only a clear move above prior highs would confirm a true breakout.
Other market sources noted that liquidation clusters around $83.50 and $87 could spark increased volatility in the short term, underlining the importance of watching these upper bands.
Key levels dictate next move for Hyperliquid
Whether HYPE can maintain its bullish outlook depends on price action around $75 and within the wider $70-$75 support area. Holding these levels would preserve the positive structure, giving bulls additional opportunity to retest the $88-$90 resistance.
A convincing break below $75 would place more emphasis on the $70 support, increasing the risk of a larger retracement. If HYPE loses its current footing, market watchers anticipate a reassessment of the uptrend’s durability in the weeks ahead.
At this stage, technical signals indicate a correction rather than a reversal, but developments around the $70-$75 and $88-$90 price levels are likely to decide the near-term trend for Hyperliquid.
