While several altcoins have taken a downturn amid the latest market dip, Hype remains strong weekly, but faces a crucial resistance level after recovering for six weeks. Whether it will overcome it or not is uncertain.

Like other altcoins, Hype’s recovery started last month after locating a solid ground level above $9. While this came after trending bearishly throughout the first quarter of the year, it initiated a buy and increased with a strong close above the psychological $20 level in the late month.

The trading volume enhanced this month, and the price increased until it reached a crucial multi-month resistance level of $28.4 yesterday.

Looking back from where the price picked up in April, Hype has seen an impressive recovery and is now looking highly bullish on a short-term scale. Although it is facing a serious hurdle at this crucial resistance.

Increasing above this resistance could fuel a bigger price movement in the future. However, a continuous rejection there could trigger a drop capable of bringing a pullback in the market before exploding higher.

Similarly, trading calmly around this crucial resistance could lead to a slight consolidation phase before deciding the next major direction of the market. The bulls are still in charge despite the latest rejection.

HYPE’s Key Levels To Watch

After last month’s breakup, it has created supports at $23.25, $19.5 and $16.9 respectively. If the price drops from the currently trading level, we may see a pullback into the mentioned support levels before rebounding.

Flipping the $28.4 resistance level, the potential buying target would be $35.7 on the short-term scale. The $43.25 level is the next resistance to watch for a major breakup.

Key Resistance Levels: $28.4, $35.7, $43.25

Key Support Levels: $23.25, $19.5, $16.9

Spot Price: $26.82
Trend: Bullish
Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ May 20, 2025 3:26 am