HYPE’s Support Under Scrutiny as Traders Watch Key Channel Level

Hyperliquid (HYPE) is currently facing a crucial test at the $42-$44 support level in its expanding wedge pattern. This retest follows a 12.1% weekly decline, bringing HYPE to $43.98 after reaching a new all-time high of over $56 earlier this month. Analysts believe that if the support holds, prices could rebound towards resistance levels around $50-$56, while a breakdown below $42 may trigger further declines toward the $36-$38 support area.