HYPE stalls near highs as RSI overheats

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.

---

• HYPE has held towards its highs following the breakout of the $28.00 level.
• The RSI remains very overbought, with the moving average also well into overbought territory. This suggests there could be room for HYPE to pull back or at least consolidate for some time.
• There is local support at $32.00, with the major horizontal support at $28.00.
• The resistance for now remains the all-time high of $40.00.

• Next Support: $28.00
• Next Resistance: $40.00
• Direction: Neutral/Bearish
• Upside Target: $40.00
• Downside Target: $28.00

Cryptonary's take

It's possible we see HYPE go through a period of consolidation in the short term. During this, HYPE might then form a bull flag or a bull pennant. This would then allow the indicators to more meaningfully reset, and also provide a clean trading setup that'll allow us to go for Long on HYPE. However, for now, we'll need to give the chart time to form a clearer and obvious technical pattern. We'll reassess for Long entries once the structure forms and the indicators cool further.

If HYPE were to revisit the mid-$20s, that's when we'd consider accumulating for the long-term, assuming there is no major turn again in the macro environment.