Hyperliquid (HYPE) stands out as a significant force in the cryptocurrency arena, representing a large portion of the daily perpetuals market volume at 65% and making $15.58 million in fees over the last week. The recent surge in activity has propelled HYPE to a three-month high, but technical signals now indicate that the uptrend may be losing momentum.

Indicators such as DMI and RSI suggest a slowdown in strength, with the price holding near a crucial support level. The future trajectory of HYPE will likely be shaped by whether it breaks through resistance or experiences a deeper pullback.

The Directional Movement Index (DMI) for HYPE displays mixed signs, with the ADX sitting at 21.93. This value has slightly decreased from previous days but remains indicative of a potential emerging trend. The bullish pressure, reflected in the +DI, has shown some increase, while the bearish pressure measured by the -DI is also on the rise, albeit at a slower pace.

The RSI for Hyperliquid has dropped to 55.15, signaling a decrease in momentum. While still within the neutral zone, this decline from recent highs indicates a potential shift in market sentiment.

HYPE is currently holding above a critical support level at $26.41, which will be pivotal in determining its next move. The EMA structure remains positive, suggesting a bullish trend, but a breach of this support could lead to a downward movement towards $23.28 or even $19.55 in a strong downtrend. Conversely, breaking through the $28.43 resistance level may pave the way for a push towards $30, a level not seen since December 2024.