- Monero hovers near the key psychological $500 support after plunging 20% on Tuesday.
- Hyperliquid is testing an important support level following a roughly 18% drop over three consecutive days.
- Morpho edges toward the $1 mark as an 11% decline on Tuesday reinforces bearish pressure.
Monero (XMR), Hyperliquid (HYPE), and Morpho (MORPHO) are among the worst performers on Wednesday, as the broader cryptocurrency market records more than $1 billion in liquidations over the past 24 hours. From a technical standpoint, all three tokens are pressing key support levels following steep losses logged on Tuesday.
The downturn mirrors the sharp gap lower in US equities on Tuesday, driven by renewed tariff threats, looming court rulings, escalating geopolitical risks, and turbulence in Japan’s bond market.
Monero faces the risk of slipping below the $500 level
Monero is hovering near the $500 mark at the time of writing on Wednesday, with this psychological level limiting further downside after a sharp 20% sell-off the day before. Additional support may emerge at the 50-day Exponential Moving Average (EMA) around $484, followed by the 100-day EMA near $432, levels that would help maintain the broader bullish structure.
On the daily chart, the Moving Average Convergence Divergence (MACD) shows widening negative histograms, as the MACD line has crossed below the signal line and both indicators remain in negative territory, pointing to increasing bearish pressure.
Meanwhile, the Relative Strength Index (RSI) stands at 47.55, indicating a loss of bullish momentum.
XMR/USDT daily logarithmic chart.
On the upside, a sustained close above the 20-day EMA at $542 could extend the XMR rebound, targeting the $600 round figure.
Hyperliquid rebounds from a key support level
Hyperliquid is trading above $21 at the time of writing on Wednesday after suffering an 11% decline on Tuesday. The exchange token is up around 2% on the day, suggesting a short-term rebound following a roughly 18% drop over the past three sessions.
The Moving Average Convergence Divergence (MACD) continues to flash a sell signal triggered by Monday’s bearish crossover, with both signal lines pushing deeper into negative territory and red histograms widening. Meanwhile, the Relative Strength Index (RSI) sits at 35, hovering near oversold levels and underscoring persistent downside pressure.
Should HYPE register a daily close below the October 10 low at $20.82, price action could extend toward the S1 Pivot Point at $19.70, increasing the risk of further losses.
HYPE/USDT daily price chart.
However, a sustained rebound from the $20 level may face immediate resistance at the 20-day EMA near $24.52.
Morpho’s short-term recovery after a bearish slide
Morpho is edging about 2% higher at the time of writing on Wednesday, following a steep decline of roughly 20% over the past six days. The token continues to trade below its 20-, 50-, and 200-day Exponential Moving Averages (EMAs), all of which are trending lower, reinforcing the prevailing bearish bias.
Immediate support is located at the December 28 low near $1.08. A break below this level could accelerate losses beneath the psychological $1 threshold, with the S1 Pivot Point at $0.94 emerging as the next downside target.
In line with Hyperliquid, the Moving Average Convergence Divergence (MACD) indicator has turned bearish, with the MACD line drifting toward zero as the negative histogram expands, pointing to strong downside momentum.
Meanwhile, the Relative Strength Index (RSI) has fallen to 40, slipping decisively below the midline and signalling a sharp shift toward selling pressure, while still leaving room for further downside before oversold conditions are reached.
MORPHO/USDT daily price chart.
A prolonged rebound in MORPHO may encounter resistance at the 20-day EMA near $1.26, which could limit upside potential.
Sources: Vishal Dixit
THE ETERNAL SOVEREIGN 
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