HYPE at $14.50 soon

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.

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HYPE:

• Following the breakdown of the bear flag, HYPE has pulled back to the range between $12.00 and $14.50.
• Price has remained range bound in this now lower range, and price looks as if it's potentially now forming another bear flag. However, this is less definitive than the first one. Invalidation of this would be a break above $15.50.
• If the bear flag does break down, this would have a target of $9.00.
• One positive is that the RSI is climbing out of oversold territory, and it's now above its moving average. This might help to take the price back to the horizontal resistance of $14.50 in the immediate term.
• A breakout above $15.50 would invalidate our bearish stance in the short-term on HYPE, and a breakout target would be $17.00.

• Next Support: $12.00
• Next Resistance: $14.50
• Direction: Neutral/Bearish
• Upside Target: $15.50
• Downside Target: $9.00

Cryptonary's take:

In the immediate term, we expect HYPE to remain range-bound between $12.00 and $14.50. However, we do see, in the medium term, HYPE breaking down, below $12.00, and potentially testing $9.00.

For now, we're not looking for shorts unless there is a breakout and the price pushes to $18.00. Longer-term buys will become more attractive upon a breakdown from $12.00, but we'll reassess that if we're right and this plays out.