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After almost two weeks in a corrective phase, Hyperliquid is getting close to one of its most significant technical levels. Right on top of the 100-day exponential moving average, which has historically served as dependable support throughout the larger uptrend, the asset is currently trading at $59.5.
HYPE has progressively formed a series of lower highs while staying above significant long-term support since its explosive rally toward the $75 region in June. The token's recent drop put it below the 26-day and 50-day EMAs, indicating that pressure is still on short-term momentum.
Nevertheless, sellers have not yet succeeded in forcing a clear breakdown below the $57.5 100-day EMA. The current price area is particularly important because of this. HYPE may attempt another comeback toward the 50-day EMA around $62 and then the 26-day EMA around $64.3 if buyers hold this level.
Regaining both moving averages would boost bullish momentum and probably inspire another attempt to challenge the $68–70 resistance range. Throughout the correction, volume has steadily decreased, which is usually a positive indication. Following the significant gains made earlier this year, the market seems to be going through a phase of profit-taking rather than aggressive liquidation.
Additionally, the RSI has dropped to about 43, which gives buyers plenty of space to pick up steam without going straight into overbought territory. The next significant technical support would probably be the 200-day EMA, which is close to $50, if the 100-day EMA were lost.
The medium-term bullish structure that has persisted since March would also be broken by such a decline. Within a broader bullish market, HYPE is currently in a corrective trend. Whether this is just another healthy pullback or the start of a deeper retracement will probably depend on how long the current support lasts.
Shiba Inu's unexpected breakout
With one of its biggest daily volume spikes in months, Shiba Inu has finally provided the breakout that many traders had been waiting for. Before testing the 100-day EMA close to $0.00000504, the rally pushed SHIB through both the 26-day and 50-day exponential moving averages.
Following weeks of sideways consolidation, trading volume surged above 2 trillion SHIB, indicating an aggressive return by buyers. The short-term series of lower highs that had characterized SHIB's July performance was also rendered invalid by the move.
The most recent candle also shows significant selling pressure despite the strong breakout. Sellers swiftly intervened after a brief push above the 100-day EMA, leaving a long upper wick that implies profit-taking is still active around resistance. Nevertheless, there has been a significant improvement in the technical picture.
The 50-day EMA is positioned slightly higher near $0.00000448, while the 26-day EMA has become instant support around $0.00000445. Instead of losing the entire breakout, SHIB could consolidate recent gains if it held above those levels. The declining 200-day EMA at $0.0000060 is the next challenge. That continues to be the main long-term barrier dividing SHIB from a more general bullish reversal.
Testing that zone in the upcoming sessions would be much more likely if the 100-day EMA were successfully broken above. Cautious optimism is also supported by momentum indicators. While staying below conventional overbought territory, the RSI has risen toward 65, indicating strong buying interest.
If demand persists, that leaves room for further upside. All things considered, SHIB has transitioned from a protracted bearish structure into an early recovery phase. Although sentiment has significantly improved since the breakout, confirmation still hinges on buyers' ability to create daily closes above the 100-day EMA and turn previous resistance into long-term support.
Chainlink's trend reversal push
After regaining all three of the shorter-term exponential moving averages, Chainlink (LINK) is making an effort to complete a significant trend reversal. The asset's short-term technical outlook is greatly improved by the fact that it is currently trading at about $8.72, just above the 26-day EMA and successfully breaking through the 50-day EMA.
After LINK set a local bottom close to the $7.20 region earlier this month, the recovery got underway. Since then, buyers have created a series of higher highs and lows, suggesting that momentum has gradually returned to favoring bulls. In contrast to earlier attempts at recovery, this rally has also been accompanied by increased trading volume, indicating real participation as opposed to a brief short squeeze.
Right now, the resistance range between $8.80 and $9.00 is the main focus. Earlier in the session, LINK briefly rose above that level before declining, indicating that sellers are still active. Another move toward the psychological $10 level, which also represents an area of prior congestion from May, would probably be triggered by a convincing daily close above this range.
Without going into overbought territory, the RSI has risen above 60, providing more space for buyers if momentum keeps growing. However, the long-term trend is still not entirely bullish.
The first significant barrier between LINK and a full trend reversal is the 200-day EMA, which is still well above $9.75. A large portion of the bearish structure that has dominated price action throughout the year would be invalidated if it were cleared.
The 26-day EMA is around $8.49 and the 50-day EMA around $8.00 becomes the first support if buyers are unable to maintain control. The existing recovery structure is maintained as long as LINK stays above those levels.
Reclaiming the 200-day moving average is still necessary to confirm a wider bullish reversal, even though the technical picture has significantly improved over the last few weeks.
Stellar's consolidation
Bulls and bears are unable to maintain control over Stellar, which is stuck in a protracted consolidation phase. Following yet another rejection from the cluster of short-term moving averages, the asset is currently trading at about $0.181. XLM has gradually lost steam as volatility has decreased since the spectacular surge toward $0.30 earlier this summer.
The price currently fluctuates nearly exactly between the 26-day, 50-day, and 100-day exponential moving averages, indicating an exceptionally balanced market with low buyer and seller conviction.
Technically, the structure is neutral but brittle. While the 50-day EMA near $0.192 and the 100-day EMA around $0.196 form an increasingly strong resistance zone overhead, the 26-day EMA around $0.186 has frequently capped recovery attempts. Upside potential is still restricted until XLM regains those levels.
Additionally, volume has significantly decreased since the June breakout, indicating a cooling of speculative interest. In the meantime, the RSI is at about 44, which indicates weak momentum without going into oversold territory. As a result, the market is left waiting for a catalyst that could upset the existing equilibrium.
Support at $0.175 is still the first level to watch on the decline. Losing that region could prolong the corrective phase and reveal the prior swing low around $0.165. On the other hand, XLM would be able to challenge the 50-day EMA before aiming for the psychologically significant $0.20 level if a daily close above the 26-day EMA improved short-term sentiment.
In general, Stellar is still in a state of uncertainty. Compression around important moving averages has taken the place of the aggressive volatility that typified June. The direction of XLM's next significant trend will probably depend on the next significant breakout, whether it is above $0.19 or below $0.175.
Dan Burgin
U.Today Editorial Team
