HYPE battles to hold $14.50 support

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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• After HYPE broke below the $23.00 level, the price quickly moved down to the $18.50 horizontal support where it formed a bear flag. The bear flag broke down as we expected it to.
• Price has now moved down to the horizontal support of $14.50, where it might be possible that price could see a relief bounce.
• The RSI is also oversold and it's now tilting up. It may find resistance at the moving average though.
• In terms of further support, if HYPE loses the $14.50 level, it's hard to know where the next support will be. It's possible that the price just grinds lower until BTC bottoms.
• To the upside, the next horizontal resistance is at $18.50, although we don't expect the price to recover that level in the short term.

• Next Support: $14.50
• Next Resistance: $18.50
• Direction: Bullish (short-term)
• Upside Target: $18.50
• Downside Target: $12.00

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

Cryptonary's take

It seemed that a lot of people/traders hid out in HYPE (its buybacks etc), whilst the market moved lower. But, HYPE has now lost its key levels following poor sentiment in the market and traders now selling down their "safer" HYPE position.

In the short-term, it's possible we see a small bounce, maybe to say $18.50, but we wouldn't expect much more than that for now. Beyond that, we are still of the view that HYPE will move back down to $14.50 and then likely lower.