$HYPE has been one of the strongest charts in crypto lately, but a potential head-and-shoulders pattern is starting to take shape.
The recent rally failed to reach a new high, and a lower high means there’s a chance we’re forming a right shoulder.
If the price returns to the $75 neckline, the bullish structure could come under serious pressure.
A confirmed breakdown would be a significant warning sign for $HYPE bulls
Although it’s not our base case, as a trader you have to be prepared for every scenario.
The recent rally failed to reach a new high, and a lower high means there’s a chance we’re forming a right shoulder.
If the price returns to the $75 neckline, the bullish structure could come under serious pressure.
A confirmed breakdown would be a significant warning sign for $HYPE bulls
Although it’s not our base case, as a trader you have to be prepared for every scenario.
