- HYPE is forming an ascending triangle pattern, signaling a potential bullish breakout.
- Technical indicators like RSI and MACD support a positive momentum shift.
- Traders are watching closely as market sentiment improves across the crypto space.
- A breakout above key resistance could trigger the next leg of upward movement.
HYPE is surging in the upward momentum and showing an ascending triangle pattern, and on the charts, that is a bullish sign. Its price is rising with overall market sentiment after days of macro-sensitive market volatility. Traders are eagerly awaiting the next move, looking for the breakout and the major trend reversal. It remains uncertain whether this momentum will sustain or dissipate swiftly.
At the time of writing, HYPE is trading at $20.31 with a 24-hour trading volume of $100.25M and a market cap of $6.8B. Its price over the last 24 hours has been hit by market volatility and is slightly down. However, over the last week, its price is significantly up by almost 16% and showing signs for the next major journey.
Source: CoinMarketCap
Bullish Setup Points Breakout, Eyeing $21 Resistance
According to the crypto analyst gemxbt, in an optimistic technical configuration, HYPE is now showing the early stages of an ascending triangle chart pattern, an established bullish signal that tends to precede strong price appreciation. An ascending triangle chart pattern is represented by a series of higher lows meeting at a horizontal resistance level and is an indication of increasing buying demand and confidence on the part of investors.
HYPE is consolidating just below the significant resistance level at approximately $21.00, with safe haven support at approximately $18.50. This price action indicates the ongoing battle between bulls and bears, with the bulls slowly taking the upper hand. A strong volume breakout through the resistance level has the potential to trigger a breakout, sending the price into a new short-term range.
Source: X
This bullish setup emerges as the market recovers from recent volatility, including concerns over interest rates and global regulatory scrutiny in the crypto space. As market confidence is restored, high-risk, high-reward coins like HYPE tend to exhibit an extended price action.
Technical Analysis signals Bullish Wave
From the technical point of view, the bulls are also in the favorable position. The Relative Strength Index (RSI) is at about 60, which, though not yet in the overbought range, indicates minor bullishness and also the potential to move higher. The Moving Average Convergence Divergence (MACD) has also moved decisively above the past signal line, the additional bullish signal on the chart.
Related Reading: LINK Cracks Key Support, Eyes $13 Amid Mounting Sell-Off
