HYPE: Bulls Defend Major SupportHyperliquid / TetherKUCOIN:HYPEUSDTDukesMarketAnalysisPrimary trend under pressure Hyperliquid has corrected almost 30% from its June all-time high, with the recent double top shifting momentum back in favour of the bears. Even so, price has now returned to a major weekly support zone around $53.00. Moving averages turning weaker The 21/8-week EMAs remain bullishly crossed, but price is now trading around the 21-week EMA and both averages have started to slope lower. A bearish crossover would further weaken the longer-term technical picture. Support becomes the battleground The $53.00 area has repeatedly acted as an important level, with buyers stepping in on several occasions. A sustained hold here would keep the broader bullish structure alive, while a decisive break could shift the focus towards the previous swing low around $38.17. Momentum continues to weaken Volume has declined steadily since the all-time high, while RSI is falling back towards the 50 level. StochRSI has already moved into oversold territory, suggesting downside momentum may be becoming stretched. Recovery still possible Despite the recent weakness, HYPE has a history of producing sharp reversals. Bulls now need to defend the current support area before attempting to rebuild momentum towards the recent highs. In Summary HYPE has entered an important technical area after falling around 30% from its all-time high. The $53.00 weekly support is now the key level to watch. While weakening momentum and rolling-over 21/8-week EMAs favour the bears in the short term, a successful defence of support could provide the foundation for another recovery.