HYPE's next move: $16 or $28?

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

• HYPE attempted to break out of the large pennant pattern, but it was unfortunately sold at the high of $ 28.
• Price is now back in the pennant, and it's moving down to the horizontal support zone between $20 and $22.
• If the key support of $20 is lost, then this opens the door for the $14 to $16 area to be tested.
• The RSI is in the middle territory, but it's also just below the moving average. If the price wants downside, there's the downside to be had here. You'd feel more comfortable seeing the RSI already oversold, but it's just nowhere near.
• To the upside, the key level for the price to get above is $28. If this level can be flipped, then new all-time highs will be likely. However, we're not confident that this will happen in the short term.

• Next Support: $22
• Next Resistance: $28
• Direction: Neutral/Bearish
• Upside Target: $28
• Downside Target: $16

HYPE has mostly just traded in a range, but without going through any major breakdowns, unlike the rest of the market. It is possible that HYPE can break down on its own, but it's much more likely if BTC were to break down.

In the short term, we don't expect any major breakouts to the upside, and we do expect a breakdown to be more likely. A target zone for us would be $14 to $16. To us, the likelihood of this increases drastically if BTC also breaks down.