Currently, HYPE is showing signs of weakness after failing to break through the key resistance level around here (adjust with the latest price). Selling pressure is increasing, indicating a potential deeper correction.
đź”» Technical Indicators:
Support & Resistance: HYPE faced rejection, confirming it as a strong resistance zone.
RSI (Relative Strength Index): Bearish divergence is forming, signaling weakening buying momentum.
Volume: The price drop is accompanied by increasing sell volume, indicating distribution by smart money.
EMA 50/200: A potential death cross formation could further confirm the bearish trend.
📉 Bearish Target:
If selling pressure continues, the price could drop to the next demand zone around $11, which aligns with historical support and a high-liquidity area. If further breakdown occurs, psychological levels below $11 may come into play.
🚨 Alternative Scenario:
If HYPE manages to hold above $13 and sees a strong buy reaction, a potential reversal could still be in play. However, as long as the key resistance remains intact, the outlook stays bearish.
đź”» Technical Indicators:
Support & Resistance: HYPE faced rejection, confirming it as a strong resistance zone.
RSI (Relative Strength Index): Bearish divergence is forming, signaling weakening buying momentum.
Volume: The price drop is accompanied by increasing sell volume, indicating distribution by smart money.
EMA 50/200: A potential death cross formation could further confirm the bearish trend.
📉 Bearish Target:
If selling pressure continues, the price could drop to the next demand zone around $11, which aligns with historical support and a high-liquidity area. If further breakdown occurs, psychological levels below $11 may come into play.
🚨 Alternative Scenario:
If HYPE manages to hold above $13 and sees a strong buy reaction, a potential reversal could still be in play. However, as long as the key resistance remains intact, the outlook stays bearish.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.