As seen in the chart, Hyperliquid (HYPE) has turned lower after breaking down from a rising wedge pattern, signaling a shift in short-term momentum toward the downside. The RSI has flipped bearish and continues to trend lower, showing little sign of recovery and reinforcing the weakening structure.
With selling pressure building, the price now risks slipping below the $38–$37 support range, where a key demand zone may attract buyers. However, the current setup suggests that any bounce could remain limited unless strong demand emerges. On the upside, the $43–$46 zone continues to act as a firm resistance ceiling, capping recovery attempts. Meanwhile, the $40 level has become a critical battleground, with the price struggling to sustain itself above it.
If Hyperliquid fails to hold the immediate support zone, the correction could extend toward the $35–$34.5 region. A breakdown below this level would significantly weaken the broader bullish structure and open the door for deeper downside. Overall, the chart reflects a market shifting into a corrective phase after losing key structure. Unless buyers defend the lower support zones and reclaim the $40–$43 range, HYPE’s price remains vulnerable to further downside in the near term.
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