$HYPE is currently experiencing a corrective phase following its recent advance into a significant resistance zone. Price is trading around 64.425, with the current market structure indicating two potential short-term scenarios.

A retracement toward the 58.500 support level could attract buying interest and establish a potential base for continuation of the broader uptrend, provided this level remains intact.

If 58.500 fails to hold, the corrective move may extend toward the major support zone around 52.500, where the projected Y-wave structure could complete before a potential bullish reversal takes shape.

Price action around 58.500 will be crucial in determining whether the market is positioned for a recovery or a deeper corrective phase. Confirmation through market structure, momentum, and volume analysis should be monitored before establishing a directional bias.