Cryptocurrency Market Corrects After Major Rally

The cryptocurrency market is experiencing its first significant correction after a major rally in July. Hyperliquid (HYPE) was briefly trading near $75-$76 before sellers intervened and drove it back towards the crucial $58 support zone.

The 100-day EMA at $57 is still above HYPE, which is a strong directional signal for the larger uptrend to continue if this level is maintained. However, momentum is losing ground, with daily candles displaying lower highs since June and an RSI of around 40.

Meanwhile, Near Protocol (NEAR) is exhibiting greater resilience than other altcoins, having built a base above its long-term trend indicators for several weeks. It's currently trading above the 100-day EMA at $1.87 and the 200-day EMA at $1.82.