Market Direction

HYPE breakout to $32 possible?

Published: Feb 4, 2025

HYPE is holding $19.95 support while testing $28 resistance. A breakout could push it toward $32, but a failure might lead to a retest of $23 or lower.

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 has continued to use the horizontal support of $19.95 and the uptrend line as support.
We've seen the $23 to $25 range act as a small resistance, but the price has managed to break above this level and head into $28, but the capitulation event brought it back.
We've now seen HYPE break out to the upside again. If $28 can be surpassed, then $32 will be the next target. But we need to see that breakout of $28 to be convinced of this.
The RSI is in the middle territory and above its moving average, so there is potential for this to break out higher.

7. HYPEUSDT price chart showing breakout levels, trend analysis, RSI, and potential resistance levels for further price movement.

Next Support: $19.95
Next Resistance: $28
Direction: Neutral
Upside Target $32
Downside Target: $20

Cryptonary's take

If BTC and the rest of the market hold up, then HYPE might be the next outperformer. But, we will need to see it break out of the $28 level to then get a more substantial upside. Ultimately, a break below $23 and then $19.95 would be a cause for concern. But we don't expect the price to lose $19.95 in the short term.