HYPE: Pullback Tests Key Moving Average SupportHyperliquid / TetherKUCOIN:HYPEUSDTDukesMarketAnalysis100-Day EMA Under Test HYPE has pulled back into the 100-day EMA after repeated failures near the recent highs. Declining volume during the retracement suggests selling pressure is easing, giving bulls a chance to defend this area. Bullish Structure Still Intact The 100/50-day EMAs remain bullishly crossed, keeping the broader trend constructive for now. However, RSI has slipped below 50 and StochRSI is oversold, showing short-term momentum has weakened. Initial Support Becomes Crucial A successful defence of the 100-day EMA could provide a platform for another move towards the recent highs. Bulls would still need to reclaim those highs before the primary uptrend can resume. Change of Character Below Support A decisive break below the 100-day EMA and the $56.36 support would provide the bears with an initial change of character. That would likely shift attention towards the June 10 low around $52.67. Major Support Below If the June low also gives way, the former breakout zone around $45.00 becomes the next major area to watch. This remains the line in the sand for the broader bullish structure. In Summary HYPE is testing an important area around the 100-day EMA after repeated rejections from the recent highs. Declining volume offers some encouragement, while the bullishly crossed 100/50-day EMAs keep the broader structure constructive. However, losing $56.36 would provide an initial bearish change of character and expose $52.67. A further breakdown would bring the major $45.00 breakout zone back into focus as the key longer-term support.