hype longCurrently, the HYPE price is moving around the $38.33 area. We can see quite volatile price movements in recent times, but there are some interesting points to note.
Market Pattern and Structure:
After experiencing a correction from the highest level around $48.65, the HYPE price formed a kind of consolidation phase in the crucial support area around $36.00 - $38.55. Failure to break lower than this area indicates potential buying pressure.
Also note the potential for the formation of a rounding bottom pattern or at least an indication of a reversal after a fairly deep correction. The blue curve that I drew tries to illustrate the potential price movement if this pattern is confirmed.
Key Support and Resistance Levels:
Strong Support: The $36.00 - $38.00 area is a crucial support zone that has been tested several times. Closing the candle below this area could indicate further correction.
Nearest Resistance: The nearest resistance level is around $48 (upper red line). A breakout of this level with significant volume would be an early confirmation of a stronger uptrend.
Potential Targets: If the $48 resistance is broken, the next potential target could be in the $100 area (in line with the upside projection if a rounding bottom pattern forms, although this is a longer-term target and needs further confirmation).
