HYPE Token Retreats from Peak as Technical Support Fails

Hyperliquid's HYPE token has declined from September highs near $98 to $86.07, breaking below key technical support levels that previously sustained the upward rally since August. The Relative Strength Index has weakened to around 50, indicating diminishing bullish momentum, while trading volume has gradually declined throughout September. Unless the price reclaims critical resistance levels, analysts warn of potential for deeper losses.

Hyperliquid's HYPE token experienced a significant pullback in late September, declining roughly 12% from its monthly peak as technical support structures that had sustained gains since August gave way to selling pressure. The token's descent below its short-term moving average—a level that had repeatedly attracted buyers during earlier dips—represents a meaningful shift in market dynamics. Previously, buyers had used the moving average as a foundation for rebounds, notably pushing prices upward from the mid-$70s range early in September.

The weakening technical picture extends beyond price action alone. Trading volume, which had fueled the initial August breakout, has steadily diminished throughout September, suggesting diminishing investor participation. While the Relative Strength Index reading of approximately 50 indicates momentum has faded rather than reached extreme oversold conditions, the combination of declining volume and price breaks signals a transition where selling interest has begun to outweigh buying pressure.