HYPE breakout to $32 possible?

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 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.

• 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.