HYPE Cryptocurrency Consolidates Near $36 After $45.800 Rejection

HYPE, the cryptocurrency native to the Hyperliquid ecosystem, is currently consolidating near the $36 mark after a significant rejection from the $45.800 resistance level. This consolidation is occurring above a crucial support level at $30.596, which has been a key structural point for the asset. The price action indicates that HYPE is retesting a significant region between $36.000 and $38.000, with traders closely watching for the next move.

The broader market structure for HYPE remains bullish despite the recent rejection. Since breaking through a long-standing descending resistance in early April, Hyperliquid has maintained an uptrend characterized by higher lows and sharp bounces. This ascending trend has been consistent, even during periods of volatility. Market analyst CryptosBatman noted that HYPE respected trend structure during these volatile periods, initially breaking above a steep downtrend before surging to $45.800, where aggressive selling forced a pullback to the $36.532 level, now acting as a short-term consolidation zone.

Currently, HYPE's price is hovering above the structural support at $30.596, a zone that buyers have frequently defended during previous dips. The chart also shows strong demand emerging around $36.000, indicating buyer presence despite last week’s rejection. If this level holds firm, analysts believe HYPE could bounce back with fresh momentum. A breakout above $38.213 could reignite HYPE’s bullish momentum, potentially pushing the price toward $45.800 and possibly extending into the $48.000 zone. This scenario becomes highly probable if bullish pressure accelerates within the current consolidation band.

However, there is another scenario to consider. A sharp drop below $30.596 with strong volume could invalidate the bullish bias. If this occurs, HYPE's price may slide toward deeper supports at $25.914 or $17.372, both of which are marked by historical buying interest. For now, buyers appear determined to hold this range and protect the uptrend momentum. The recent decline in HYPE's price seems corrective and fits within the broader ascending channel that started back in April. Unless a breakdown occurs below $30.596, this trend remains intact and technically valid.

Traders are closely monitoring how HYPE's price behaves around $36.532 in the coming days. This pivot point could determine if the next move favors another impulsive leg upward or dips toward mid-range supports. The visible price respect toward previously broken zones is an indicator of technical consistency, suggesting that the current trend remains valid as long as the support at $30.596 holds.