#hype has been weakening recently, with the price currently around $72.49. It has fallen into the 61.8% weekly Fibonacci retracement zone, commonly known as the “golden retracement zone.” Traders often view this area as a potential bounce zone, but it does not guarantee that the price will stop falling.
On the weekly chart, the RSI has dropped to 51.07 and continues to decline, indicating that the upward momentum seen earlier is fading. Meanwhile, the OBV (On-Balance Volume) indicator has also retreated from its August–September highs, reflecting a weakening of buying pressure.
In the short term, HYPE remains weak. The daily RSI has fallen to 35.35, indicating that selling pressure is still substantial. The price is currently hovering around $70.44, with no clear reversal signal yet.
Key support and resistance levels:
$70.44: Recent low; a break below this level could lead to further downside.
$69.03: Important support zone. Buyers need to hold this level to have a chance of driving a rebound.
$61.16: The next potential downside target if support around $69 fails.
Overall, HYPE is near a key support zone. If buying pressure continues to increase, the price could rebound; however, if the $69 level also fails to hold, the downside could extend further.
On the weekly chart, the RSI has dropped to 51.07 and continues to decline, indicating that the upward momentum seen earlier is fading. Meanwhile, the OBV (On-Balance Volume) indicator has also retreated from its August–September highs, reflecting a weakening of buying pressure.
In the short term, HYPE remains weak. The daily RSI has fallen to 35.35, indicating that selling pressure is still substantial. The price is currently hovering around $70.44, with no clear reversal signal yet.
Key support and resistance levels:
$70.44: Recent low; a break below this level could lead to further downside.
$69.03: Important support zone. Buyers need to hold this level to have a chance of driving a rebound.
$61.16: The next potential downside target if support around $69 fails.
Overall, HYPE is near a key support zone. If buying pressure continues to increase, the price could rebound; however, if the $69 level also fails to hold, the downside could extend further.
