Increasing by 4x in two months, Hype recovered fully from the early-year collapse and printed a new all-time high yesterday. Having seen a slight rejection there, it is charging back on the daily chart.
Hype’s recent rally started with a bounce from a low of $9 in April. Though things later got more interesting as demand increased and the market closed super bullish that month. Sustaining the momentum in the following month, it rallied hard and tapped $40. Unfortunately, it faced resistance there and ended the month of May on a pullback.
Crossing over into this month a bit strong after holding the $30 level, it consolidated briefly and climbed back. This led to another leg up, and the price broke out of the previous monthly resistance to reach a new all-time high of $44 yesterday. It saw a rejection there and closed weak.
That rejection brought a minor drop earlier today, but is now looking strong following a slight recovery. Resuming the drop may cause a slight pullback in the market before rallying hard to a new high.
Meanwhile, the latest rejection suggests an exhaustion from the bulls’ side. If they fail to sustain momentum in the future, we may see a major crackdown capable of bringing the bears back in action. But as it stands, the bulls are still in control.
HYPE’s Key Levels To Watch
Source: Tradingview
Advancing bullish, Hype must reclaim the new mentioned ATH before breaking higher to the $50 level and potentially $55 in the future.
If a rejection occurs again, it may pull back to the $40 level. Right below this level lies the $32.6 support. Failure to rebound there could result in more drops to $28.4.
Key Resistance Levels: $44, $50, $55
Key Support Levels: $40, $32.6, $28.4
- Spot Price: $43.3
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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