This article discusses the current support and resistance levels for HYPE and analyzes the recent market trends.
Strong Bounce off Key Support
HYPE corrected by 33% after breaking its uptrend and touching the support at $32. Currently, the price quickly entered a relief rally. Buyers are trying to confirm $37 as key support, but sellers remain active. If $37 is lost, buyers could retreat to $35 and $32.
The Correction May not Be Over
If sellers are successful in stopping HYPE at $37, this will confirm a lower high. In such a case, the best scenario for buyers is to defend the support at $32 and reach a higher low, which would provide a good base for a potential major reversal.
Buyers Are Returning
The daily MACD histogram is showing higher lows, indicating buyers are returning. However, it is too early to confirm a reversal in price action as the MACD moving averages remain bearish and the histogram is negative. It is advisable to allow more time for the price to find a bottom under these conditions.
Currently, HYPE shows signs of buyer activity, but it is essential to monitor support and resistance levels to determine the future direction of price movement.
