HYPE rallies into price discovery zone

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 has broken out of its bull pennant, and it continues to put in new highs, whilst price remains supported by a strong uptrend that remains intact.
• Notably, price has put in multiple bearish divergences in overbought territory (higher high in price, lower high on the oscillator). This is potentially the one short-term negative note.
• There is a new local support for price at $39.40, whilst there is a strong support range for price between $32 and $33.
• To the upside, and in terms of resistance, there aren't any key levels as price has gone into price discovery. Key levels now become psychological levels, such as $50.

• Next Support: $39.40
• Next Resistance: $50.00
• Direction: Neutral
• Upside Target: $50.00
• Downside Target: $33.00

Cryptonary's take

HYPE has been one of the strongest performers over the last few months, and it continues to go from strength to strength. But, whilst price has gone into price discovery, we don't plan on buying HYPE up at these levels. However, if there is a significant pullback, then we'd look to accumulate HYPE, but we'd be eyeing the $28 to $33 levels to add to our long-term Spot bags.

For those that do own HYPE, we'd continue to keep riding it higher.