Hyperliquid (HYPE) Faces Key Test: Drop to $25 Ahead?

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HYPE tests the $36 resistance after rebound; traders watch for a breakout toward $50 or a drop to $25 as key levels come into focus.

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Summarize with AI

Hyperliquid (HYPE) has recovered slightly after falling below the $30 mark last week. The token is now trading at around $36, showing a 2% gain in the past 24 hours and 4% over the last 7 days.

Meanwhile, this bounce comes as the market tests a key level that could determine HYPE’s next move.

Retesting Breakdown Zone After Bearish Pattern

HYPE is currently testing the $36 level, which served as the neckline of a head-and-shoulders pattern that developed over recent months. The setup formed with an initial peak in August, a higher high in September, and a lower high in November, signaling a possible trend reversal.

After breaking below the neckline, the price has returned to this level. Current trading activity suggests that this area is acting as resistance. A failure to reclaim it may keep the downward trend in place. Chart projections show possible support levels near $30, $27, and $25. Analyst Ali Martinez stated,

At the same time, HYPE has bounced from the lower Bollinger Band near $30 and is moving toward the 20-day moving average at $37. This level remains an important test. A break above it may open the way toward $43, while a rejection could send the price back toward $31.

Source: TradingView

The MACD shows early signs of momentum turning. The MACD line has moved slightly above the signal line, and the histogram is shifting positive. However, both lines are still below zero, showing that the overall trend is not yet strong. For now, this points to short-term recovery potential but not a confirmed trend reversal.