Cryptocurrency Hyperliquid (HYPE) has entered a correction phase from its all-time high, putting its short-term upward momentum to the test.

According to crypto analyst Cavil Zevran, HYPE recorded its all-time high of $97.99 in September before showing a sharp decline, and subsequently failed to rebound at the $95.22 level. In this process, the token retraced approximately 50% of its gains from August through September, an indication that its short-term upward momentum has weakened, the analysis noted.

However, the long-term uptrend itself is still considered valid. The 50-day and 100-day moving averages maintain their upward trajectory and are crossing, making it difficult to conclude that the overall recovery has been fully broken.

HYPE's price is currently positioned below the 100-day moving average and between the two moving averages, approaching its key support zone of $75–77. This zone is regarded as a core support level where buying pressure repeatedly flowed in over the past four months.

Experts project that the 50-day moving average and the 0.5 Fibonacci retracement level of $74.56 will serve as additional downside support. However, some point out that if a specific support line is repeatedly tested, the support strength of that zone could weaken, warranting a watch on future price movements.

[This article was written for informational purposes only and does not constitute investment solicitation or recommendation. Responsibility for all investment decisions lies with the investor. AI provided partial assistance.]