HYPE has found a strong foothold at $32 despite ongoing selling pressure. The cryptocurrency’s key support levels stand at $35 and $32, with resistance at $37, $42, and $46.
### Rebounding from Key Support
After a 33% drop following a break in its uptrend, HYPE hit the support level at $32 and quickly rallied. Currently, buyers are attempting to solidify $37 as a key support level, though sellers are fiercely resisting. Should $37 give way, the focus could shift back to the $35 and $32 support levels.
### Uncertainty in the Downtrend Continuation
If sellers manage to halt the upward movement at $37, it would indicate a lower high, suggesting the downtrend might continue. In this scenario, the optimal strategy for buyers would be to defend the $32 support level to set a foundation for a potential major reversal.
### Signs of Buyer Momentum
The daily MACD histogram is showing higher lows, hinting at a resurgence of buyer interest. However, it’s premature to declare a trend reversal as the MACD moving averages are still bearish, and the histogram remains negative. Caution is advised, allowing more time for the price to stabilize.
Tweet: “HYPE’s resilience at $32 hints at potential for recovery, though hurdles remain. Key levels to watch: $35, $37, and $42. #Cryptocurrency #TradingInsights”
