Crypto markets took a big hit in the last day, falling over 7%. Most coins are down, including HYPE. But HYPE’s price is holding steady at important points, and more people are trading it – volume is up 47%. This has traders watching closely to see what happens next.
What you'll learn 👉
Market Dip and HYPE Chart Analysis
The price chart of HYPE reveals a distinct rising channel pattern, characterized by higher highs and higher lows. The token recently tested the lower boundary of this channel, a critical support zone that has consistently attracted buying interest. This support level has held firm despite the broader market sell-off, reflecting the token’s relative strength during volatile conditions.
Read Also: Onyxcoin (XCN) or XDC Network: Which Crypto Should You Invest $10,000 In?
Resistance zones are evident at the upper boundary of the rising channel and at a horizontal level near the top of the chart. These levels have previously capped upward movements, forming potential barriers for further price gains. However, the overall structure remains intact, suggesting bullish potential if the market recovers.
Moreover, crypto analyst Sjuul commented on HYPE’s price action on X (formerly Twitter), noting its ability to hold support during a marketwide dip. According to Sjuul, “$HYPE is still holding support and the lower band of the rising channel,” which could position it for a stronger rebound if the broader market stabilizes.
Furthermore, crypto expert Ryandcrypto emphasized HYPE’s resilience during the market downturn, highlighting its solid fundamentals. He noted that the project generates substantial daily revenue and has incorporated a token buyback mechanism, further strengthening its value proposition. These attributes make HYPE an attractive asset for traders during times of market fear.
Trading Volume and Potential Outlook
Amid the market decline, HYPE recorded a 47.53% surge in trading volume, indicating heightened interest among traders. This increased activity suggests that market participants are monitoring the HYPE’s price action, particularly around its support levels.
If HYPE continues to hold its current support and market sentiment improves, it could see a strong recovery within its rising channel. Traders are eyeing the potential for HYPE’s price to outperform during a broader market bounce, supported by its technical positioning and solid fundamentals.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
