HYPE targets $23.70 but struggles

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:

• HYPE is starting to look really interesting.
• Price tried a number of times to break out to the upside of the pennant pattern, but unfortunately, it wasn't able to. We've since seen the price turn lower and break below the horizontal level of $23.00.
• Price did break below the local uptrend line, but it has since recovered the trend. However, we need to see how the daily candle closes today.
• We now consider the price in a new range between $20 (horizontal support) and $23 (horizontal resistance).
• Beyond $23, $24.70 is a relatively strong resistance also.
• The RSI was holding tight to its moving average in the middle territory, however, it has since broken down.

• Next Support: $20.00
• Next Resistance: $23.70
• Direction: Neutral/Bearish
• Upside Target: $23.70
• Downside Target: $16

Cryptonary's take

HYPE is still mostly holding the range, however, we're of the opinion that we'll see further downside in the upcoming weeks for the majors.

We think this will impact HYPE, and therefore, it's possible HYPE can fall further from here, and potentially test into the mid-teens in the upcoming weeks. If there is a small move to the upside in the short term, we expect it to top out around $23.70 - $24.00.