HYPE retests a key neckline support at $38.50–$39.50, confirming the breakout of an inverse head-and-shoulders pattern on the chart.
Price structure remains bullish with consistent higher highs and higher lows supported by a strong ascending trendline and high-volume buyer activity.
A reclaim of the 9 EMA at $40.67 could fuel momentum toward $44.00, marking the next critical resistance level on the short-term chart.
The price of HYPE is holding firmly above the critical $38.00–$39.00 demand block, maintaining its bullish market structure. Buyers have responded well, stepping in during a sharp pullback and defending this important area with conviction.
Demand Zone Holds as Buyers Absorb Selling Pressure
According to a tweet from Alpha Crypto Signal, $HYPE is respecting the $38.00–$39.00 support zone, which aligns closely with an ascending trendline. Recent selling pressure was met with immediate absorption, signaling strong demand at this level.
https://twitter.com/alphacryptosign/status/1933400673833660547
This zone also marks a textbook retest of a previously broken neckline from an inverse head-and-shoulders pattern. The neckline, situated around $38.50–$39.50, served as resistance in late May and early June before the breakout. The retest now reinforces it as support, increasing confidence in the trend continuation.
Price action continues to form higher highs and higher lows, indicating a clean and consistent bullish structure. Volume during the pullback has remained elevated, suggesting strong market participation during the retest.
Immediate Resistance Sits at the 9 EMA
Currently, the immediate obstacle for HYPE lies at the 9 EMA, positioned at $40.67. A decisive move above this level would flip short-term momentum and potentially send price action toward the $44.00 range, the most recent local high.
While the 50-period SMA at $37.54 provides additional support below the demand zone, traders are watching closely to see if the asset can reclaim the EMA and sustain upward pressure. If the price fails to surpass the 9 EMA, further consolidation near current levels may follow.
A move below the $38.00 level could invalidate the current structure, shifting short-term focus to the ascending trendline support near $37.00.
Bullish Structure Intact as Market Watches Key Levels
With HYPE trading at $39.52 at press time, the asset remains up 14.20% over the past seven days despite a 4.28% daily decline. Bulls remain in control as long as the demand zone holds.
The overall structure stays bullish, supported by strong reactions at key levels and well-defined trendlines. While short-term resistance remains at the 9 EMA, the neckline retest offers technical assurance to traders monitoring this chart.
$HYPE continues to trade in a clean structure, and as Alpha Crypto Signal noted, “bulls remain in control as long as this zone holds.”
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