Hyperliquid loses KEY support – Can a bear trap send HYPE to $100?

Is Hyperliquid's [HYPE] current breakdown a potential bear trap before a $100 breakout? Notably, analysts are not convinced. According to one analyst, Hyperliquid is breaking out of its rectangular consolidation pattern over the last 2 months. The key level to watch here is $75. If HYPE cannot hold this, then $64 is the next key level to watch, followed by $53. However, with HYPE already trading below the $75 level following a 2% intraday dip, the technical picture is becoming more bearish.