HYPE at risk of falling below $12

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 bounced from the major horizontal support of $12.00, and it broke above the $14.50 level that we marked out as a horizontal resistance.
• Price then dropped into a local horizontal resistance of $17.00, and following the second 'exploit' on HYPE, price swiftly dropped back to $12.00 but did close more meaningfully higher.
• Looking at this, we can say that HYPE is range bound between $12.00 and $17.00, with the middle horizontal level being $14.46. Above this, bullish; below, bearish. We're keeping it as simple as that for now.
• If the $12.00 horizontal level is lost, then the price will be in price discovery to the downside, and there, essentially, the door to single-digit HYPE is open. It's hard to say where a floor level might be, we'll have to just see where that comes (assuming we see a breakdown) when it comes.
• The RSI is now retesting its moving average. Ideally, you'd want it to find support here; otherwise, a break below, and that opens the door for a retest of $12.00 as a bare minimum.

• Next Support: $12.00
• Next Resistance: $14.45
• Direction: Bearish
• Upside Target: $17.00
• Downside Target: $12.00

Curious about DOGE's next move? Our HYPE price prediction offers a deep dive into market trends!

Cryptonary's take

HYPE is a really interesting one as we've seen HyperLiquid go through controversy recently with these trade attacks ('exploits'). This does open the door for more of a 'black swan' event to occur.

We will, however, just continue to assess and play the levels. For now, those levels we've identified are $12.00 and $17.00. We do expect a retest of $12.00 in the coming week, and then the key thing will be if there's a break below. We expect the retest to happen.

If that happens, we'll see and assess the reaction to a potential break below, and how violent that might be. Right now, we're not looking to buy HYPE in the short-term.