HYPE tests trend as sellers circle support

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 remains in its long-term uptrend, although it is now forming a pennant pattern at its highs.
• Its main horizontal resistance are its all-time highs at $40.00.
• The local support for HYPE is at $32.50 with the more major horizontal support at $28.00.
• If price were to break below $28.00, $21.30 to $28.00 is a huge support zone. We'd likely look to accumulate HYPE towards the lower end of this range, should it be tested.
• The RSI has pulled back slightly, although it is still relatively close to overbought territory. Price may need to consolidate more to reset this indicator further.

• Next Support: $32.50
• Next Resistance: $40.00
• Direction: Neutral
• Upside Target: $40.00
• Downside Target: $28.00

Cryptonary's take

Considering we've had some pullbacks in the Majors, HYPE has held up well. For us, the key aspect we're watching is whether HYPE can hold its uptrend line, and if $32.50 can remain the major support.

We expect HYPE to breakdown over the coming weeks and we'll look to accumulate HYPE towards the lower end of the range between $21.30 and $28.00. For now, though, our strategy for HYPE does just require some patience.

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