Hype Tests Channel Ceiling Near $55

Hype (HYPE) has been testing its month-long descending channel near $55. The cryptocurrency reached an intraday high of $56.01 on August 4 before pulling back to around $54.58.

According to Filip Vantchev, the owner of Coindoo, price is testing the top of the descending channel once again.

Hype has formed a sequence of lower highs and lower lows since trading above $70 in early July. Its latest advance has now reached the upper trendline that contained previous recovery attempts.

A daily close above the channel would mark the first break from that structure. The next resistance sits at the 0.5 Fibonacci retracement near $57.5, followed by a wider resistance area between approximately $60 and $63.