This turned out to be a good call for those who took the risk as they have now booked a 10%+ gain as a result.
However, our favorite entry has not yet been touched yet. The $28 level continues to be the most attractive level to get in on HYPE if a pullback occurs as this was a key resistance during the token’s steep climb to its current levels.
HYPE managed to stay above $40 in the past few days and climbed to its current price after a liquidity grab last Friday trapped bears and flushed them out during that same day. Trading volumes were quite high during that session and confirmed the bear trap.
Meanwhile, the Relative Strength Index (RSI) has managed to stay near or at overbought levels for quite a while as buying pressure and investors’ interest in HYPE remains strong.
At this point, it won’t be a good idea to bet against the winning horse unless there are some strong signs that point to a bearish breakout.
Another attempt to break below the $40 level may pull that off as long as the daily session closes below that mark. A retest would be expected if that happens and that would be the best moment to enter once the reversal is confirmed. For now, HYPE seems determined to capture the $50 level.
