HYPE surged after breaking out of a falling wedge on the 4-hour chart on Thursday, February 26, signaling potential bullish momentum.
According to crypto analyst ZAYK Charts, the breakout above the upper trendline reflects renewed buyer strength and positions HYPE for a possible rally toward $38.
This technical action comes after a brief dip below the 200 EMA, highlighting a key turning point for short-term traders.
Source: ZAYK CHarts X Post
Analysts are projecting a bullish wave toward $38, marking a notable upside from current levels. Rising trading volume could confirm the breakout, increasing confidence in the upward move.
While technical signals are promising, cryptocurrency remains volatile, so investors should balance potential gains with careful risk management. $HYPE’s recent chart action makes it an asset to watch closely in the coming sessions.
Also Read: HYPE Supply Drops Under 300 Million Amid Token Burns
HYPE Approaches Upper Band With Increasing Strength
According to TradingView, as of Thursday, February 26, the price rebounded sharply from the lower Bollinger Band near $25.60, signaling recovery from the February 22–23 downtrend.
The initial drop broke below the 200 EMA (~$29.09), showing bearish pressure, but bullish candles indicate buyers are stepping in.
Price trades around $29.03, above the 20, 50, and 100 EMAs, with widening Bollinger Bands indicating rising volatility and the upper band near $29.38 acting as resistance.
Source: TradingView
Short-term momentum looks positive with the formation of higher lows and higher highs in the price action following the dip in the HYPE asset.
Staying above the $29-$29.10 zone for the 200 EMA could see the asset move towards the upper Bollinger Band around the $30-$31 price levels.
If rejected at this point, support levels could be around the 50 or 100 EMAs around the $28.45-$29.09 levels. Overall, the asset is showing a potential reversal in the trend.
Momentum Indicators Point to Bullish Momentum Ahead
Moving on to the momentum indicators, the RSI is currently standing at 60.69, and this shows that the momentum is shifting towards a bullish trend but is still not overbought.
The 14-period RSI has moved above its 50-level baseline and is rising, indicating a positive trend in buying power. The signal line, represented by the yellow line, is still below the RSI line.
Source: TradingView
The MACD is also indicating bullish signals. The MACD line is above the signal line, and the histogram bars are increasing in height.
All these factors suggest that the bullish trend is likely to continue in the short term. Therefore, it can be said that both indicators suggest a bullish outlook for HYPE.
Also Read: Hyperliquid (HYPE) Faces Strong Downside Risk After Key $28 Level Breakdown
