HYPE Price Tests $23 Support After Sharp Decline

⬤ HYPE (Hyperliquid) is attempting to find its footing after a steep drop, with price action suggesting a potential corrective bounce is underway. The token has rebounded from lower support and is currently trading near $23.00, forming what appears to be a three-wave advance on the 4-hour timeframe.

⬤ The chart shows a well-defined support zone that successfully held during the recent selloff. After bouncing from this area, HYPE rallied before pulling back slightly. Key resistance now sits between $22.72 and $24.26, with the mid-point around $23.48 acting as an important technical level during this consolidation phase.

⬤ Technical analysts suggest that a break above $26.85 would signal that a meaningful bottom might be in place. However, the current structure isn’t complete yet—there’s no five-wave pattern that typically confirms a genuine trend reversal. For now, this looks more like a corrective bounce than a full turnaround.

⬤ HYPE’s price behavior near these resistance levels will be crucial in determining whether this stabilization can evolve into a sustained recovery. While the support zone is holding, the lack of a complete bullish structure means traders should remain cautious about downside risks.