HYPE is approaching a decisive price area after falling more than 25% since the start of the month. The token remains locked in a steep descending structure, and recent trading suggests the market has not yet regained upside control. Based on the current setup, HYPE could face another 10% pullback, with the market watching the $27 to $28 support zone and a possible move toward $25 if weakness continues.
Repeated rejection at $35 has weakened buying momentum
On the daily chart, HYPE previously broke out of a falling wedge and rallied toward the $35 resistance area. That move failed to produce a sustained close above resistance. After several unsuccessful attempts, the token was rejected sharply, and momentum started to fade. The Relative Strength Index, or RSI, is now drifting lower within a parallel channel, pointing to weaker bullish control.
The structure suggests that buyers made an attempt to reverse the trend but could not maintain pressure at higher levels. At the same time, the decline does not appear to be driven by aggressive distribution. The source notes that trading volume has been drying up during the move lower, which indicates fading bullish participation rather than heavy selling. That distinction matters.
The $27-$28 area is the key support to watch
In the near term, attention is centered on whether HYPE can defend the $27 to $28 range. If selling pressure continues, the token may extend its decline and test $25. That would place the current market in a fragile position, where a break of support could accelerate the downward move.
Even so, the latest drop still looks more corrective than a confirmed full trend reversal. Sellers have gained control, but the move lower has not been backed by strong conviction. If support holds and volume returns, HYPE could still attempt another push toward higher resistance levels.
A move back above $30 would change the short-term picture
For now, $30 stands out as the clearest short-term pivot. A sustained recovery above that level before the end of the week would indicate improving strength and could shift attention back to the bullish side. If HYPE fails to reclaim it, the token remains exposed to a deeper pullback and continued downside pressure.