Increasing by 4x in two months, Hype recovered fully from the early-year collapse and printed a new all-time high yesterday. Having seen a slight rejection there, it is charging back on the daily chart.
Hype’s recent rally started with a bounce from a low of $9 in April. Though things later got more interesting as demand increased and the market closed super bullish that month. Sustaining the momentum in the following month, it rallied hard and tapped $40. Unfortunately, it faced resistance there and ended the month of May on a pullback.
Crossing over into this month a bit strong after holding the $30 level, it consolidated briefly and climbed back. This led to another leg up, and the price broke out of the previous monthly resistance to reach a new all-time high of $44 yesterday. It saw a rejection there and closed weak.
That rejection brought a minor drop earlier today, but is now looking strong following a slight recovery. Resuming the drop may cause a slight pullback in the market before rallying hard to a new high.
Meanwhile, the latest rejection suggests an exhaustion from the bulls’ side. If they fail to sustain momentum in the future, we may see a major crackdown capable of bringing the bears back in action. But as it stands, the bulls are still in control.
HYPE’s Key Levels To Watch
Advancing bullish, Hype must reclaim the new mentioned ATH before breaking higher to the $50 level and potentially $55 in the future.
If a rejection occurs again, it may pull back to the $40 level. Right below this level lies the $32.6 support. Failure to rebound there could result in more drops to $28.4.
Key Resistance Levels: $44, $50, $55
Key Support Levels: $40, $32.6, $28.4
- Spot Price: $43.3
- 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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