#Hyperliquid (HYPE) Struggles to Break Key Resistance, Eyes Potential Range Low #Buy Opportunity

Hyperliquid ($HYPE ), a decentralized finance token, recently failed to break past its critical resistance level near $41 in mid-July, triggering a pullback into the trading range it has occupied since late May. This retracement has reignited bearish sentiment among traders, but long-term investors may see this as a potential opportunity to accumulate HYPE at lower price points.

HYPE Technical Overview: Key Resistance Holds Strong

The $41 mark has proven to be a stubborn ceiling for #HYPE , with the token unable to sustain a breakout above this level despite bullish attempts in mid-July. Currently, HYPE is trading below the mid-range resistance level of approximately $37.90, with the $38 region acting as a newly tested resistance zone.

The token's failure to maintain levels above this mid-range point is a critical technical signal. In addition, the On-Balance Volume (#OBV ) indicator has shown a downward trend over the last two weeks, signaling sustained selling pressure. The OBV’s decline underscores the likelihood that traders have been exiting positions, which contributed to HYPE’s rejection at a previous high near $49.

This rejection and subsequent retracement back into the established range signal a bearish outlook for HYPE in the short to medium term.