HYPE rebounds sharply but faces resistance 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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• HYPE deviated below the horizontal support of $12.00, briefly touching single digits before aggressively bouncing.
• Price broke out of the main downtrend line, reclaimed $12.00 and $14.50, two key horizontal levels.
• Price has since stopped at $17.00, as we expected might be the potential stopping zone.
• The RSI has also put in a hidden bearish divergence (lower high in price and a higher high on the oscillator). This can result in price rejections.
• To the downside, the horizontal levels remain the same, so the supports are at $14.50 and $12.00.
• To the upside, the key level for price to clear above is $17.00

• Next Support: $12.00
• Next Resistance: $17.00
• Direction: Neutral/Bearish
• Upside Target: $18.50
• Downside Target: $10.00

Cryptonary's take

A really great move by HYPE, bouncing considerably from the lows, after weathering the storm that HyperLiquid was going through. We do however expect the market to retest lower again, and we see a minimum level of retest being $12.00. Now, we're not sure we'll add to long-term Spot bags at that level, or we'll wait for single digits again. HYPE will have to be a bit more of a moving target, and we'd ideally like single digit HYPE again, which can be possible should we see more macro uncertainty in the coming weeks and months, which we do expect to get.

For now on HYPE, we remain patient, but it's one of the coins we're viewing strongly, and we think it could almost represent the next major play like SOL was in 2022/2023.