HYPE could hit $17 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 broke below the major horizontal support of $12.00 and wicked into single digits. However, this was just a deviation (for now), and the price has bounced aggressively.
• Price put in a bullish divergence when it fell below $12.00 (new price low, but higher low on the oscillator). Price has since bounced, but it is now putting in a hidden bearish divergence (lower high in price, higher high on the oscillator). We should be slightly wary of this.
• Price is now above the $14.50 horizontal level, which is great; the next key level is $17.00. But, we do think this could be a stopping point for HYPE in the short-term.
• The key level for price to reclaim that would be a big indicator to us that price can go much higher is $18.50.
• If price revisits $10.00 to $12.00 (we expect it will), we'll begin building longer-term Spot bags.

• Next Support: $12.00
• Next Resistance: $17.00
• Direction: Neutral
• Upside Target: $18.50
• Downside Target: $10.00

Cryptonary's take

In the short term, we do think HYPE's move higher is close to fully playing out here. It could extend to $17.00, say, but we're not sure this is one of the coins we'd be ultra bullish on in the immediate term. However, if there is a retest of the lows - and we expect there will be - then we'll begin building longer-term Spot bags. We'll be adding in lightly, no major rush here.