HYPE is trying to re-test its all-time high at $50. Will it make it this week?
Key Support levels: $44, $41
Key Resistance levels: $50
1. Buyers Aim for $50
In the past few days, HYPE moved from $40 to $47, giving hope that the key resistance at $50 will be tested again. Right now, the price is reconfirming $44 as a key support. If it holds, then buyers have a good shot at challenging the all-time high level in the near future.
2. Price Has Formed an Ascending Triangle
The price action since July has formed a large ascending triangle, which is expected to resolve by mid-September. Ideally, buyers will manage to break above $50 by then and take HYPE to new highs. Should this fail to happen, then this cryptocurrency will fall back to $40 or below that.
3. RSI Shows Consolidation
The 12h RSI shows the price is consolidating in a symmetrical triangle at this time. Its apex is also due to be resolved by mid-September. Such formations are continuation patterns in an existing trend, which would support the case for a breakout later in September. To confirm this, HYPE needs to go above $50 and enter price discovery.
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