HYPE posted a 12% gain today, breaking through multiple resistance zones in succession without forming significant new support levels along the way.
1M Timeframe: Sequential Bullish Structure and Acceleration
The rally began around 00:45 UTC from the $28.35 level. From there, HYPE established a consistent upward structure with a series of confirmed higher lows and successive breakouts – first at $29.00, then $30.00 and $30.55. After a brief consolidation phase between 03:30 and 06:30 UTC, the market accelerated again, reaching the $31.80 area by 08:40 UTC. However, after hitting this peak, momentum faded and the price began pulling back toward earlier levels.
Support, Resistance, and Local Reactions
The key question now is whether the support at $30.98 – already retested from below – can continue to absorb pressure, or whether sellers will push the market toward deeper levels like $30.50 and $30.20. On the one hand, $30.90 served as a short-term consolidation area after the $30.50 breakout and has already been retested twice from below. On the other hand, $31.29 has now formed as the latest confirmed resistance, capping the recovery after the $31.80 high. The deeper demand zone that triggered the final leg of the move sits at $30.20, while the overheated area that failed to hold lies at $31.80.
- Bullish Scenario. If the price reclaims $31.00 and breaks through $31.29, the bullish structure would be reestablished. A higher low above the $30.90 area could act as confirmation. In this case, a move toward $32.20–$32.50 becomes a likely continuation.
- Bearish Scenario. If $31.20 is rejected again and the price closes below $30.98, the probability of a return to $30.50 increases, followed by a potential test of $30.20. A breakdown below this level would signal a structural failure of the current upward impulse.
Conclusion
The impulse move from $28.35 to $31.80 unfolded without any clear signs of sustainable consolidation. The retests of broken support zones from below indicate a possible shift toward a corrective phase. For now, caution is warranted.
