HYPE Drops Below Ten-Day Floor as Traders Watch $88-$92 Zone

HYPE is testing an important area after losing a support floor that had held for roughly ten days. Trader Steve pointed to the breakdown as a bearish development, noting that the move came with trading volume three to four times larger than the preceding bars.

$HYPE just lost the floor it held for ten days, and the break printed on volume three to four times the preceding bars. I lean bearish. But I am not selling into the hole — the setup is the retrace back into that broken floor, not this candle.

What holds me back: this is a… pic.twitter.com/0zUinkP779

— Trader Steve (@traderstevex) September 28, 2026

HYPE was trading around $89.2-$89.4 on the latest charts, down from a local high near $100. The move puts the $88-$92 area at the center of the current setup.

HYPE Tests the $88-$92 Support Zone

We had a look at the HYPE chart across the 12-hour and 4-hour timeframes, where the latest decline brings price into the zone that previously acted as resistance.

On the 12-hour chart, HYPE broke above the $88-$92 region during its September rally before reaching close to $100. That area is now being tested from above. A break below $88 would leave the next notable support around $80-$82, followed by the $70-$73 region from the September correction.

The 4-hour chart shows a similar setup. HYPE reached approximately $100 around September 20 before moving lower. The 9 EMA was around $90.76, with price near $89.38, placing HYPE below that short-term moving average. RSI had also fallen to 39.34, compared with its moving average at 46.69.

That combination puts short-term momentum on the weaker side, though the broader structure remains different.

Bigger Price Trend Remains Above Key Support

The daily chart shows how far HYPE has moved before this correction. The token previously traded around $20-$25 during its macro base before climbing toward $80 between February and June.

After falling toward $40 during the June-August correction, HYPE broke through the $65-$80 resistance area and rallied toward $98-$100 in September.

The daily 9 EMA was around $91.11, meaning the price near $89.23 had moved below that level. The next dynamic support from the ascending trendline was estimated around $80-$85, with $80 also marking the upper edge of the former resistance zone.

Trader Steve X’s bearish case focuses on market structure rather than the size of the decline alone. The analysis points to a lower high and lower low on the higher timeframe, alongside increased volume during the breakdown. The trader also noted that BTC fell during the same six-session period in which US technology indices rose, framing the move as relative weakness within crypto.

HYPE Market Cap Adds Data to the Breakdown

Glassnode’s market-cap chart provides another measurable reference. HYPE’s market capitalization reached roughly $21.6 billion when price approached $97, before falling toward approximately $20.4 billion as price moved back toward the low- 92 area.

The latest Glassnode data therefore places both price and market capitalization near the lower end of the displayed range. The immediate price area to watch is around $92, followed by the broader $88-$92 zone from the trading charts.

For the bearish setup to remain valid, Trader Steve X identified a higher-timeframe close above the prior swing high as the invalidation point. If HYPE instead loses $88 with stronger volume, the $80-$82 area becomes the next reference zone.

For now, HYPE is caught between a short-term bearish structure and a broader uptrend that remains above its major $80 support area.