Market Direction

HYPE struggles below key support levels

Published: Apr 7, 2025

As the market navigates turbulent waters, HYPE’s price struggles to find footing. Let’s explore how it’s moving in relation to major support levels and what’s on the horizon for a potential reversal.

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 recently continually moved into resistance, rejected, and broken down below the next support.
Price has also now fallen below the major horizontal support of $12.00, and it's moved into single digits (now in the $10 area).
Price has broken to the downside and it's now in price discovery. It's hard to know where the stopping point is. But, it'll likely be in a large panic move, or when the macro market turns. For now, we have neither as of yet.
The price really respects the major downtrend line. It'll be a bullish signal for us when there is a price breakout of this downtrend line. We'll particularly get more bullish if/when the price breaks out of the downtrend and reclaims above a horizontal resistance. The first would be $12.00.
To the upside, the first key level to reclaim is $12.00, and then $14.50.
The RSI is very close to oversold territory, with it also now putting in a bullish divergence (lower low in price, higher low on the oscillator).

Next Support: $6.00
Next Resistance: $12.00
Direction: Neutral
Upside Target: $14.50
Downside Target: $6.00

Cryptonary's take

HYPE is a coin we like for the long-term, but with the macro environment as it is, it's not necessary to be diving in and buying it here.

When there are signs of a bottom, or the macro environment is beginning to turn, that's when we'll look for longer-term Spot buys, and we'll take the price we're given at that time. Ultimately, the multiples we could get on HYPE in the future could be great, but that doesn't mean we have to be careless and rush the buys now. Patience will really pay off on this one.

In the short term, let's see where the price finds a potential bottom. And in terms of playing a risk-on move, a breakout of the downtrend line is what we'll be looking for as the first sign that a risk-on move might be beginning. But for now, we're not seeing that.