Shiba Inu and Chainlink post gains, Hyperliquid retests support, Stellar stalls near $0.18

Hyperliquid nears key support after correction

After entering a corrective phase that lasted almost two weeks, Hyperliquid (HYPE) approached a critical technical level. The digital asset traded near $59.5, resting just atop its 100-day exponential moving average (EMA), a price area that has historically provided reliable support during the ongoing uptrend.

Since HYPE’s rally in June, which took it close to $75, the token has recorded a series of lower highs, yet managed to stay above major long-term support levels. The latest pullback saw HYPE dip beneath the 26-day and 50-day EMAs, highlighting sustained downward momentum in the short term.

Traders observed, “Despite recent weakness, sellers have not managed a clear break below the $57.5 100-day EMA. If buyers hold this support, HYPE could mount a rebound toward the 50-day EMA at $62 and the 26-day EMA at $64.3.”

Volume has steadily declined during the correction, often viewed as a sign of profit-taking rather than panic selling. The relative strength index (RSI) fell to 43, suggesting potential for renewed buyer activity as the token avoids entry into oversold territory.

If the 100-day EMA fails, the next significant support is the 200-day EMA near $50. Such a drop would mark a break in the medium-term bullish pattern that has prevailed since March. Whether this proves to be merely a temporary pullback or a deeper retracement will depend on HYPE’s ability to maintain current support levels.

Mini dictionary: Exponential Moving Average (EMA) — A technical indicator that gives greater weight to recent price data for assessing trend direction and support/resistance levels. They are widely used by traders to evaluate short- and long-term market trends.

Shiba Inu breaks out with high volume

Shiba Inu (SHIB) delivered a notable breakout, as daily trading volumes exceeded 2 trillion SHIB. This surge propelled the token past both the 26-day and 50-day EMAs before briefly testing resistance around the 100-day EMA near $0.00000504.

The rally brought an end to the sequence of lower highs that had dominated SHIB’s July trading. However, despite breaking key resistance levels, immediate selling pressure emerged above the 100-day EMA, with a sharp upper shadow on the daily candle indicating ongoing profit-taking by traders.

Technical analysts noted, “SHIB’s price strength improved after reclaiming several moving averages. If the asset stabilizes above $0.00000445 and $0.00000448 support, it could consolidate gains and set up another attempt at the declining 200-day EMA near $0.0000060.”

Momentum indicators also showed improvement, with the RSI climbing toward 65 but remaining below overbought thresholds. Confirmation of a broader recovery, however, will depend on SHIB’s ability to secure daily closes above the 100-day EMA and to transform former resistance into sustained support.

Chainlink eyes trend reversal, targets $10 zone

Chainlink (LINK), an oracle network known for connecting blockchains with real-world data, regained momentum as it traded at $8.72. The token held positions above its 26-day EMA and moved through the 50-day EMA, enhancing its short-term technical outlook.

After setting a local bottom near $7.20, LINK established higher highs and lows amid rising volume, reflecting increased investor participation. The primary short-term target now sits between $8.80 and $9.00; clearing this range on a daily close would likely open the path toward the psychologically significant $10 level.

The RSI moved above 60, signaling further potential upside without immediately entering overbought territory. Nonetheless, the 200-day EMA at $9.75 remains the first major long-term resistance. A move above this point would invalidate much of the bearish pattern seen throughout the year. Conversely, supports at $8.49 (26-day EMA) and $8.00 (50-day EMA) are watched closely in case of a reversal.

Mini dictionary: Chainlink — A decentralized oracle network designed to supply blockchain smart contracts with external, real-world data in a secure and reliable manner.

Stellar consolidates, volatility declines

Stellar (XLM) entered a prolonged consolidation period after fading from its early summer rally, currently trading around $0.181. The asset’s price fluctuates near its 26-day, 50-day, and 100-day EMAs, creating a balanced market where neither buyers nor sellers hold a clear advantage.

Resistance is forming near $0.192 (50-day EMA) and $0.196 (100-day EMA), while the 26-day EMA at $0.186 often caps recovery attempts. Trading volume has declined since the June breakout, indicating a drop in speculative interest. The RSI sits near 44, consistent with subdued momentum outside traditional oversold levels.

On the downside, first support appears at $0.175; breaching this level could trigger further declines toward the previous swing low near $0.165. On the upside, a daily close above the 26-day EMA would allow a retest of key resistances and could foster renewed bullish sentiment. For now, Stellar’s outlook remains neutral as compression around major moving averages replaces the sharp volatility seen in June.