HYPE Price Pulls Back 10% from ATH, Testing Key Support Range
HYPE, a cryptocurrency, has pulled back by over 10% from its recent high near $98, according to an analysis of its daily chart. The current price is around $88, down about 3.5% over the past 24 hours.
The $87-$88 range on HYPE's chart represents a three-way test for support: it combines the 23.6% Fibonacci retracement near $86.5, the former all-time-high area, and the rising diagonal support line. This zone is critical as it marks the end of HYPE's recent advance.
The rising wedge pattern on the daily chart indicates a potential bearish formation, as momentum can weaken while price continues to climb within a narrowing range. If HYPE breaks below the lower boundary of the wedge and fails to quickly reclaim it, this could weaken both the immediate support area and the upward structure that has contained its advance.