While there has been a general balance in the cryptocurrency market in recent days, there has been remarkable activity in some altcoins. In particular, Hyperliquid’s native token, HYPE, fell below a key support level. While this development weakens the technical outlook, recovery efforts stand out on the Ethereum and Shiba Inu side.
Unexpected decline on the HYPE front
Hyperliquid is an ecosystem that has quickly stood out among new generation projects focused on decentralized financial infrastructure. Hyperliquid’s HYPE token, which attracted the attention of the market especially with its ETF-like products, has seen a sharp decline in recent days, falling below the $ 40 level. HYPE, which returned from the 44-45 dollar region and dropped to 39 dollars, broke the upward trend that has been continuing since March.
From a technical perspective, the price appears to have lost short-term momentum, falling below the 50-day moving average and approaching the 100-day average of around $37. In this process, the RSI indicator also approached the neutral zone. While the $40 support is considered important both psychologically and structurally, sellers gained momentum as it fell below this level.
While BTC and other main assets manage to remain strong in the crypto market, the reasons for such a rapid retreat in coins with institutional expectations such as HYPE are not yet clear. According to experts, if HYPE approaches the $37-36 support, a more significant change in risk appetite in the market may be observed.
“A drop in the price below the $40 support may technically open the door to a deeper correction in the short term. It will probably be around $37 as a new support point.”
Ethereum continues its recovery attempt
While Ethereum has been trending horizontally in a narrow band and with low volume transactions in recent months, it has attracted attention by regaining its short-term supports in recent days. In particular, ETH, which has recovered from the $2,000 level, is currently moving close to the resistance zone around $2,300. With the recent rise, the price moved back above the 50- and 100-day moving averages, which strengthened the technical structure.
Ethereum, which has not been able to find sufficient volume in every recovery attempt in recent months, paints a different picture this time with the increase in transaction volume. However, the $2,300–2,350 band still stands out as a strong resistance. Unless permanent movements above the medium and long-term averages are observed, the current structure remains cautious.
Momentum indicators, on the other hand, moved away from the oversold zone and gained balance in the neutral-bullish line. This indicates that market participants are starting to show interest in Ethereum again.
The market’s eye is on whether the ETH price can maintain its current upward structure. Analysts emphasize that a permanent move above the 200-day moving average may bring new targets to the agenda.
Shiba Inu struggles with critical resistance
While meme coins have recently gained renewed interest, the Shiba Inu has compensated to some extent for its long-term loss of value at the beginning of the year. However, SHIB is stuck in the $0.0000063–0.0000064 band. Although the price has been gradually increasing since March, it is having difficulty overcoming the resistance structure it encounters at the 100-day moving average.
Every serious bullish attempt has either faltered or retreated at this critical technical hurdle. It was stated that sellers still defended this level and the transaction volume did not increase sufficiently. Under this condition, in order for SHIB to create new momentum in a short time, it needs to make permanent closes above the 100-day average and buyers need to stand out more prominently in the market.
Indicators point to a horizontal course, especially on the RSI side. Unless critical resistance can be broken, SHIB’s structure may remain open to a new downward wave. While Bitcoin remains strong and risk perception in the general market has not decreased, SHIB’s failure to make progress at the resistance line stands out as a negative signal.
A clear breakout, strong trading volume and stability of buyers are essential for the continuation of the upward movement in SHIB. Otherwise, short-term recovery attempts may be inconclusive.
