HYPE Price Slumps as Analysts Warn of Deeper Sell-Off

HYPE, a popular cryptocurrency token, has lost its upward momentum and is now trading near critical support levels. According to technical analysts Michaël van de Poppe and Crypto Patel, the token's recent price action suggests that it may be due for a deeper sell-off.

Van de Poppe warned that the loss of trend could lead to a sharp decline in price, citing a previous instance where HYPE fell from €50 to €15. He advised traders to adopt a more passive approach and wait for clearer signals before re-entering the market aggressively.

Crypto Patel offered a more optimistic view, identifying several lower demand zones, including $47-$54 and $38-$43, as potential areas where institutional buyers might emerge if HYPE revisits these levels. However, he cautioned that the market needs confirmation from price action before recovery talks can gain traction.

The key invalidation level for a broader trend reversal is set at $34, which aligns with the 0.618 Fibonacci retracement. If the weekly candle closes below this threshold, it would compromise the bullish structure and suggest further downside.