This month, the cryptocurrency HYPE set a new record, reaching a price of $46. Let's look at the key support and resistance levels and possible trends.
New Record Price
HYPE continues to attract investor attention by setting a new record price of $46 per coin. This follows just days after reaching a prior all-time high of $44. Buyers appear determined to push for further growth, aiming to hit the $50 mark, which will also serve as a key resistance level.
Uptrend Continues
With the confirmation of a new local high, HYPE has a clear path to continue its record-breaking streak. It is expected that if the bulls maintain their pressure, new records are on the horizon. However, a close examination of indicators shows that price exhaustion may be imminent in the near future.
Bearish Divergence Calls for Caution
The Relative Strength Index (RSI) shows a clear bearish divergence. While HYPE's price is achieving higher highs, the RSI is posting lower highs. This is a clear signal that the uptrend may be approaching its final stages. Caution is advised, especially if the asset falls below its existing uptrend.
HYPE is demonstrating significant growth, but current indicators suggest that caution is warranted. Investors are advised to closely monitor changes and key levels.
