HYPE Testing Critical Support Again — Is the Triple Bottom Pattern About to Trigger Lift-Off?

The crypto market kicked off the week with some headwinds. Bitcoin and Ethereum softened modestly, dragging mid-cap assets down in the process. Hyperliquid (HYPE) took another hit, slipping 5% today — but what caught the eye wasn’t the dip itself. It’s what’s happening underneath: a textbook triple bottom pattern that could be lining up a meaningful rebound.

The Setup: Three Tests, Same Floor

Over the past two weeks, HYPE has repeatedly bounced off the $29.15 support level on the 4-hour chart. Not once, not twice — but three times. Each time price dropped toward this zone, buyers showed up. Each time, sellers ran out of ammunition. That’s the essence of a triple bottom pattern: repeated defense of a price floor signals accumulation is happening.

The picture gets clearer when you look at the consolidation range between the support floor at $29.15 and the resistance ceiling at $36.20. Price has been ping-ponging between these two levels for weeks now. Every time HYPE climbed toward $36.20, sellers pushed back. Every time it fell toward $29.15, buyers caught it.

The current situation? HYPE is testing that $29.15 support zone yet again — this is potentially the third structural low that could complete the pattern.

Two Roads Ahead

The Bullish Scenario:

If buyers hold the line at $29.15 and prevent a close below this level, HYPE confirms its third bounce point. That’s when the triple bottom pattern flips from setup into confirmation. Breaking above the neckline resistance at $36.20 opens the door to a rally toward the mid-$40s — roughly +24% from the current range just to hit neckline breakout. Real upside would come once that neckline gives way, but that requires volume to step in and sellers to capitulate.

The Bearish Scenario:

If $29.15 cracks and price closes cleanly below it, the bullish thesis collapses. That support becomes resistance, and deeper liquidity zones in the $26.50–$27.00 range come into focus. The triple bottom pattern fizzles without triggering.

The Bottom Line

HYPE is at an inflection point. The repeated tests of $29.15 suggest this isn’t random weakness — it looks like accumulation. But repetition only matters if it holds up this third time. Traders should watch for either a decisive bounce with volume, or a breakdown that breaks the pattern entirely.