Bullish setup still in play after the pullback

Back on June 23, we highlighted the bullish structure in Hyperliquid (HYPEUSD) with our members and noted that the broader trend remained constructive despite the possibility of a corrective pullback. That outlook remains valid, with HYPE continuing to show relative strength compared with much of the crypto market. 

Hyperliquid is still one of the best performers, and despite the current slowdown, the price may now be finishing wave “c” of an abc correction within a higher-degree wave 4. Ideally, the 51–50 support area should hold, from where we could see a bullish continuation into wave 5 of (3).

For confirmation of renewed upside momentum, we would like to see a decisive break above the channel resistance line and the 72 level. Until then, the current weakness can still be viewed as a corrective phase within the broader bullish structure.