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Market Direction

HYPE faces $17 resistance before key short entry

Published: Apr 16, 2025
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HYPE's recent bounce is running out of steam, and with key resistance ahead, traders are eyeing a potential reversal. Let's dive into the latest technical setups for HYPE

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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.


Technical analysis & market mechanics

  • HYPE bounced 82% from the $9.32 low to the recent swing high of ~$17.
  • $17 is local resistance and the first zone to begin shorting.
  • $18.60 is secondary resistance; scale into shorts here.
  • $20 is the final resistance and key liquidity zone - reserve capital to deploy if the price wicks into this region.
  • $14.60 is local support; minor reaction expected, but not a strong level.
  • $12.50 is major support; the break below opens the path to retest the lows.
  • $9.30 is the key downside target - a full retrace and potential lower low if macro weakness persists.
  • Daily RSI at ~54 - still room to move higher before exhaustion, supporting a final push into resistance.
  • Price structure aligns with a diagonal resistance, creating a confluence with upside levels.
  • The recent move is overextended in context - exhaustion is likely, and the setup favours short-term traders looking to catch the rollover.
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  • Next Support: $14.60Next Resistance: $17.00
  • Direction: Bullish
  • Upside Target: $20.00
  • Downside Target: $9.30

Cryptonary's take

HYPE has rallied hard off the lows, but this bounce looks increasingly tired in the current market environment. We're looking to short into strength at $17, $18.60, and potentially $20, with clear resistance and diagonal structure aligning at these levels, invalidation would be at $22.00. The short setup targets a move back to $9.30, where we could see a full retrace or even new lows if weakness accelerates.

This isn't a long-term bearish call on HYPE, but in the short term, the reward-to-risk heavily favours the sell side. Traders should look to scale in with discipline and small size - the higher it pushes, the better the entry, and we do feel HYPE will move higher and capture some of these levels.

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