based on materials from the site - By CoinsProbe
The cryptocurrency market has shown an impressive comeback in the second quarter, with Ethereum (ETH) leading the way — rising over 36.5% from a low of $1385 to trading around $2450. This broader bullish sentiment has lifted many altcoins, and Hyperliquid (HYPE) is among the leaders.
However, after an explosive growth of 191% over the last 90 days, the technical model suggests that HYPE may be preparing for a short-term correction.
On the 4H timeframe, HYPE is consolidating within a clearly defined bearish ascending wedge pattern, which is typically considered a reversal signal. This wedge pattern has been forming since the end of June, with the price aligning with both the ascending support and resistance lines.
The recent bounce from the upper trend line around $41.15 served as a strong resistance level, halting the upward momentum. Now the price action has pulled back to the lower boundary of the wedge, which has historically acted as dynamic support.
HYPE is currently at a critical decision-making point. It is testing the support line of the wedge trend, closely related to the 100-period moving average around $37.93. A confirmed break below this level will confirm the establishment of a bearish wedge, with a measured price target indicating a level of $28.29 — calculated based on the height of the pattern.
However, if HYPE can defend this support and attract buyer interest, a bullish bounce may occur. In this case, the price could return to the resistance of $41.80, which previously limited the upward price action.
$XRP , $BNB , $SOL
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