While several altcoins have taken a downturn amid the latest market dip, Hype remains strong weekly, but faces a crucial resistance level after recovering for six weeks. Whether it will overcome it or not is uncertain.
Like other altcoins, Hype’s recovery started last month after locating a solid ground level above $9. While this came after trending bearishly throughout the first quarter of the year, it initiated a buy and increased with a strong close above the psychological $20 level in the late month.
The trading volume enhanced this month, and the price increased until it reached a crucial multi-month resistance level of $28.4 yesterday.
Looking back from where the price picked up in April, Hype has seen an impressive recovery and is now looking highly bullish on a short-term scale. Although it is facing a serious hurdle at this crucial resistance.
Increasing above this resistance could fuel a bigger price movement in the future. However, a continuous rejection there could trigger a drop capable of bringing a pullback in the market before exploding higher.
Similarly, trading calmly around this crucial resistance could lead to a slight consolidation phase before deciding the next major direction of the market. The bulls are still in charge despite the latest rejection.
HYPE’s Key Levels To Watch
Source: Tradingview
After last month’s breakup, it has created supports at $23.25, $19.5 and $16.9 respectively. If the price drops from the currently trading level, we may see a pullback into the mentioned support levels before rebounding.
Flipping the $28.4 resistance level, the potential buying target would be $35.7 on the short-term scale. The $43.25 level is the next resistance to watch for a major breakup.
Key Resistance Levels: $28.4, $35.7, $43.25
Key Support Levels: $23.25, $19.5, $16.9
- Spot Price: $26.82
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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