The drop comes as selling pressure pushes the token closer to a key support zone highlighted by analysts.
According to market watcher Ali Martinez, $42 represents a “golden buy-the-dip zone” for HYPE, suggesting the asset could stage a rebound toward $55 if support holds. His chart analysis indicates the token remains within an ascending channel, with the current pullback testing mid-range support levels.
Technical indicators also highlight the oversold conditions. The Relative Strength Index (RSI) has dropped to 34, near the lower boundary that often signals potential for a relief bounce.
Meanwhile, price action shows a steady decline from the early September highs above $60, with $41-42 now emerging as a critical battleground for bulls.
Whether HYPE can defend this support zone will likely determine its short-term trajectory. A bounce from current levels could confirm Martinez’s outlook of a recovery toward $55. However, failure to hold the line risks opening the door to deeper losses toward the $37-38 range.
With trading volumes climbing and market sentiment mixed, all eyes are on whether Hyperliquid can convert this pullback into a new launchpad for its next upward move.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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