HYPE fades from highs — risk ahead

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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• Price remains in its major uptrend; however, price has initially rejected the prior highs of $28.00.
• Price is now moving lower but into the prior cluster area between $23.00 and $26.00. This may see price find some short-term support in this zone.
• To the upside, the main resistance remains the highs at $28.00. We don't expect them to be breached anytime soon.
• To the downside, $23.00 is a key horizontal support, with $18.50 the next level below that.
• The RSI has begun to reset, and it's fallen below its moving average. This may mean we see price test lower levels over the coming weeks.

• Next Support: $23.00
• Next Resistance: $28.00
• Direction: Bearish
• Upside Target: $28.00
• Downside Target: $14.50

Cryptonary's take

HYPE has been one of the outstanding performers over the last 6 weeks. But, like other Majors, price seems to be losing upside momentum here. We're watching if price can hold above its uptrend line and the key horizontal level of $23.00.

However, our expectation is that in 3-5 week's time, the price will have broken down and it'll be revisiting the $14.50 to $18.50 area. We also wouldn't be surprised to see the lower end of this zone - $14.50.