⭐ #HYPE Today’s Market Update
At the daily (line) level, HYPE is in a high-position wedge-shaped consolidation. The daily moving averages are still in a bullish alignment, and the MACD shows signs of gradually shortening. The short-term chart still has rebound momentum. Overall, the daily timeframe is trading within a converging range. Although yesterday’s rebound volume decreased, it has formed two consecutive bottom signals, so shorting still needs caution.
On the 4-hour chart, price has moved within an upward channel. The main overhead resistance lies at 67.7 and 69.5. If it breaks through, there’s a good chance it will test 74 and the previous high. If it breaks down, it will likely continue to retrace to find support in the lower channel at 63.1–64.2.
Overhead resistance: 67.7–69.5
Support: 64.2–63.1
Today’s plan: Slightly bullish. But at the current level, the risk-reward ratio isn’t very favorable. It’s recommended to wait and watch for a pullback and stabilization before entering. If there is a breakdown with increased volume, then wait for the retracement to fail at the wedge resistance before considering a short.$HYPE
At the daily (line) level, HYPE is in a high-position wedge-shaped consolidation. The daily moving averages are still in a bullish alignment, and the MACD shows signs of gradually shortening. The short-term chart still has rebound momentum. Overall, the daily timeframe is trading within a converging range. Although yesterday’s rebound volume decreased, it has formed two consecutive bottom signals, so shorting still needs caution.
On the 4-hour chart, price has moved within an upward channel. The main overhead resistance lies at 67.7 and 69.5. If it breaks through, there’s a good chance it will test 74 and the previous high. If it breaks down, it will likely continue to retrace to find support in the lower channel at 63.1–64.2.
Overhead resistance: 67.7–69.5
Support: 64.2–63.1
Today’s plan: Slightly bullish. But at the current level, the risk-reward ratio isn’t very favorable. It’s recommended to wait and watch for a pullback and stabilization before entering. If there is a breakdown with increased volume, then wait for the retracement to fail at the wedge resistance before considering a short.$HYPE