Key Takeaways HYPE is more than 10% below its high. $87-$88 combines three chart references. The rising wedge adds downside risk. $79-$80 is the next support area. Protocol buybacks are not a
HYPE’s pullback has reached the $87-$88 range, the nearest support area on the daily chart. It is a three-way test: the 23.6% Fibonacci retracement near $86.5, the former all-time-high area and the rising diagonal support line all converge there.
HYPE/USD daily chart. The $87-$88 range combines the first Fibonacci retracement, earlier breakout area and rising diagonal support. Source: TradingView.
As Coindoo previously covered, HYPE moved above the earlier all-time high near $88 earlier this month. That former ceiling now sits within the pullback range, where traders may watch whether it can begin acting as support.
The overlap does not make $87-$88 an exact level that must hold. HYPE could briefly trade through the range and recover, or remain below it for several sessions. Those outcomes would give very different readings of demand during the pullback.
The chart’s support mapThe levels below become relevant in sequence rather than all at once. $87-$88 · Immediate support rangeThe 23.6% Fibonacci retracement, the earlier breakout area and the rising diagonal overlap here. Around $79-$80 · Deeper supportThe 38.2% Fibonacci retracement meets the rising 50-day simple moving average in this range. Around $74-$75 · Wider fallbackThe 50% Fibonacci retracement would become relevant only if HYPE also loses the $80 area.The blue trendlines on the daily chart outline a rising wedge. HYPE has continued to make higher highs and higher lows, but the trading range has narrowed as the two boundaries converge.
Rising wedges are commonly viewed as bearish formations because momentum can weaken while price continues climbing within a tightening range. The pattern does not confirm a reversal by itself. It becomes more relevant if price breaks below the lower boundary and cannot quickly reclaim it.
The lower boundary of the wedge passes through the same $87-$88 range. A sustained move below it would therefore weaken both the immediate support area and the upward structure that has contained HYPE’s advance.
If HYPE loses the $87-$88 range and remains below the rising diagonal, the next chart reference sits around $79-$80. The 38.2% Fibonacci retracement lies near $80, while the rising 50-day SMA approaches the same zone.
The 50-day SMA may continue moving higher over time, so the $79-$80 range is more useful than treating one exact moving-average reading as a fixed support number. The 38.2% Fibonacci retracement gives that zone a steadier reference.
If HYPE reaches that range, the important behaviour would be whether buyers can stabilise price near the 50-day average or whether selling extends through that support toward the broader Fibonacci retracement levels below.
Daily RSI has fallen from its earlier overbought reading above 80 toward the mid-50s. That change shows that the rapid momentum behind HYPE’s recent advance has eased.
That cooldown leaves HYPE without the momentum excess visible near the high. It does not settle the direction of the correction; price behaviour around the support range remains more informative than the indicator alone.
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Hyperliquid’s fee documentation says protocol fees are directed to community mechanisms, including the Assistance Fund, and that HYPE acquired by the fund is burned.
The mechanism is supported by substantial recent protocol activity. DefiLlama’s latest dashboard snapshot showed Hyperliquid generating about $71.1 million in fees over the previous 30 days, including roughly $55.2 million in protocol revenue. That works out to more than $2 million in daily fees on average, indicating that the protocol’s fee engine has remained active during the period.
If activity remains at a similar level, it could continue supporting the fee flows behind Hyperliquid’s community mechanisms, including the Assistance Fund. The fee figures are a measure of protocol activity, however, not a calculation of how much HYPE will be purchased or burned over a given period.
A technical support zone can still fail when market-wide risk appetite, spot selling or leveraged positioning turn against the token.
The current pullback has reached the range where HYPE’s earlier breakout needs to show whether it can hold as support. A recovery from $87-$88 could keep the decline within the broader structure behind the move toward $98.
Continued trading below the rising diagonal would weaken that reading and place the $79-$80 area under closer attention. The wedge means that a break at the current range may carry more significance than an ordinary intraday decline.
This article is provided for informational purposes only and does not constitute financial or investment advice. Technical levels and chart patterns are interpretive tools, not guarantees of future price movement.
The post HYPE Price Gives Back 10% From ATH in a Three-Way Test appeared first on Coindoo.
