Bybit Traders Navigate HYPE’s Sharp Correction Amid Market-Wide Pressure

The Hyperliquid (HYPE) token is experiencing a severe technical breakdown, having plummeted 53% from its recent highs to trade around $24.47. This sharp decline is part of a broader cryptocurrency market selloff that has gripped the digital asset space. A decisive technical shift has occurred, with the token breaking below critical Fibonacci support levels, signaling the potential for further downside. Analysts are now eyeing a possible decline toward the $20 to $15 range, while any recovery attempts are expected to face formidable resistance between $35 and $45. The weekly chart confirms the bearish momentum, closing at $24.47 for a weekly loss of 15%, solidifying the shift from a mid-year uptrend into a sustained corrective phase. For traders on platforms like Bybit, this environment presents significant challenges and requires careful risk management. The breakdown suggests that the bullish structure has been compromised, and the market is repricing risk amid broader macroeconomic or sector-specific headwinds. This move highlights the inherent volatility in the altcoin segment and underscores the importance of robust technical analysis and disciplined position sizing, especially on leveraged trading venues. The coming weeks will be crucial to determine if this is a deep but temporary correction within a longer-term bull market or the start of a more prolonged bearish trend for HYPE.

Hyperliquid (HYPE) Collapses Below Critical Support Amid Broad Crypto Selloff

Hyperliquid’s HYPE token has plunged 53% from recent highs, now trading near $24.47 as bearish momentum accelerates. The breakdown below key Fibonacci levels suggests potential for further declines toward $20-$15, with resistance firmly established at $35-$45.

Technical charts show a decisive shift from mid-year uptrend to sustained correction. The weekly close at $24.47 marks a 15% weekly drop, confirming selling pressure has overtaken previous accumulation patterns.

Market analysts note the token’s failure to hold 0.382 and 0.5 retracement levels, with the 0.236 level now serving as final support before a full retracement of 2025 gains. ‘When a token loses its trend structure this decisively, it typically seeks lower equilibrium,’ says Markus Thielen of Matrixport.

ENA Eyes $0.25 Breakout After $3.75M Bybit Deposit Sparks Speculation

Ethena Labs' transfer of 18.36M ENA tokens ($3.75M) to Bybit has ignited market chatter, with technical indicators hinting at short-term stabilization. The 4-hour chart shows early recovery signals via RSI and MACD, though the token struggles below the critical $0.25 threshold.

A decisive reclaim of $0.25 could signal bullish momentum, while failure risks retesting the $0.1296 low. The move follows Ethena Labs' prior accumulation of 34.65M ENA ($28.25M) from Gate.io and 3.38M ENA ($1.32M) in staking rewards, leaving 20.12M ENA ($4.23M) in its liquidity pool.