HYPE faces rejection at key resistance level

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 lost its uptrend line and pulled back to the next horizontal support at $17.00 and bounced from that level.
• Price is now retesting the prior high, but it's also moving into the underside of the local resistance level of $19.60, which may be a rejection area.
• If $19.60 is broken to the upside, then $23.00 can be reached, although there are a few local resistances along the journey. Upside is probably limited here.
• To the downside, $17.00 is the next level, with $14.50 the next level below that.
• The RSI is high, but not overbought, whilst the RSI is now also below its moving average and butting up against it as a potential new resistance.

• Next Support: $17.00
• Next Resistance: $19.60
• Direction: Bearish
• Upside Target: $19.60
• Downside Target: $14.50

Cryptonary's take

It's possible that HYPE can see further upside here, although upside is likely to be limited as there are a number of local resistances between $19.60 and $22.00.

We expect that HYPE will reject here in the coming week, pull back down, and break below its lows at $17.00 and look to retest $14.50 over the coming 2 weeks. For now, we remain patient with HYPE, and we still expect that we'll be able to buy HYPE sub $12.00. For now, patience.