HYPE eyes $18.50 before pullback

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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• Overall, a really clean move higher following the breakout from the downtrend line.
• HYPE has cleared above multiple horizontal levels, with price now reaching $18.50, a key horizontal resistance level for price.
• Beyond $18.50, there's a local horizontal resistance at $19.40 and then $20.80, but we do see $18.50 as a really key level for the price to overcome in the short term.
• Price is now seemingly squeezing into its uptrend line, and it does look to be slightly beginning to lose steam to the upside. We wouldn't be surprised here to see a price break below its uptrend line.
• To the downside, the key levels to defend are at $17.00 and $14.50.
• The RSI is just shy of overbought territory, but it remains above its moving average.

• Next Support: $17.00
• Next Resistance: $18.50
• Direction: Neutral/Bearish
• Upside Target: $20.80
• Downside Target: $14.50

Cryptonary's take

HYPE has had a good run here off the lows at $9.40, and is not far off seeing a 100% move higher from those lows. Price is now starting to reach a level where it's beginning to look slightly exhausted to the upside. We'd be looking to Short HYPE between $18.00 and $20.80, should price fill as high as $20.80.

We're expecting this to look like a trend of lower highs and lower lows on a really zoomed-out basis, with our plan to fill our long-term HYPE bags into single-digit HYPE over the coming month or two. For now, we remain patient for that, and we expect HYPE's price to rollover over the next week, say.