Last week marked HYPE’s lowest level in the last three months, but it managed to hold well as it paused bearish. Following a 14% gain in a week, it currently shows strength and looks poised for an increase. HYPE’s structure is technically bearish on the daily chart following a dramatic decrease in the past few weeks. However, things have changed a bit since it found solid ground above the $12 level last week. Bouncing off this price level, it formed a bullish pattern on the hourly chart and is now looking strong on the day. These positive actions could bring a notable recovery in the market. While the daily chart also signals a buy, is likely to resume bearish once it finishes retracing. Meanwhile, the asset has been on a buying spree since Monday with no sign of stopping yet. If the price increases throughout this week, HYPE may retest the $20 level that broke as support during the recent clampdown. After that, we can expect bearish actions to resume at full speed. Failure to resume bearish could trigger more positive moves before facing rejection. Even though the price further increases, it must reclaim the last month’s high before we can consider a reversal. Technically, the bears are still in control and may release pressure when they step back. HYPE’s Key Levels To Watch Source: Tradingview Moving higher, the immediate resistance level to watch right now is $18.3, along with the $21.5 level. If those levels fail to suppress buying, the higher resistance level to watch for a test would be $24.2. The latest surge is supported by $13 and $12.1. If the price dips through these price levels, a new low may surface around $11 and $10. Key Resistance Levels: $18.3, $21.5, $24.2 Key Support Levels: $12.1, $11, $10 Spot Price: $14.9 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
Canary files for PENGU ETF
