Date: Tue, July 01, 2025 | 08:49 AM GMT
The cryptocurrency market has staged an impressive comeback in Q2, with Ethereum (ETH) leading the charge—rallying over 36.5% from a low of $1,385 to trade near $2,450. This broader bullish sentiment has lifted many altcoins, and Hyperliquid (HYPE) is among the top performers.
However, after an explosive 191% gain over the past 90 days, technical pattern suggest HYPE might be gearing up for a near-term correction.
Bearish Rising Wedge Pattern in Play
On the 4H timeframe, HYPE has been consolidating within a clearly defined bearish rising wedge pattern—typically considered a reversal signal. This wedge has been in formation since late June, with the price respecting both the ascending support and resistance lines.
The most recent rejection from the upper trendline near $41.15 served as a strong resistance level, stalling upward momentum. Now, price action has pulled back toward the lower boundary of the wedge, which has historically acted as dynamic support.
What’s Next for HYPE?
HYPE is now sitting at a critical decision point. It is testing the support trendline of the wedge pattern, aligned closely with the 100-period moving average near $37.93. A confirmed breakdown below this level would validate the bearish wedge setup, with a measured move target pointing toward the $28.29 level—calculated from the pattern’s height.
However, if HYPE can defend this support and attract buying interest, a bullish bounce may take place. In that case, the price could revisit the $41.80 resistance, which previously capped upward price action.
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