Technical outlook: Hype bulls attempt recovery

Hype is showing early signs of stabilization after several days of selling pressure, with price action reclaiming ground above the 100-day Exponential Moving Average (EMA), currently sitting at $43.99. This level has acted as a critical dynamic support zone, and the bulls’ ability to defend it could mark the first step toward halting the recent bearish momentum. A sustained daily close above this barrier would also break the streak of five consecutive losing sessions, bolstering confidence in a potential trend reversal.

If the rebound continues, buyers will need to push past immediate resistance levels to confirm strength. The 50-day EMA at $48.14 remains a key supply area, where sellers may once again attempt to cap gains. A successful break and close above this level would open the door for a stronger rally, shifting attention toward the psychologically important $50.00 handle and the ascending trendline that has previously guided price higher.

However, momentum indicators remain a concern for bulls. The Moving Average Convergence Divergence (MACD) has maintained a bearish bias since Sunday, with the signal line still positioned above the MACD line. This suggests that bearish pressure has not yet fully dissipated, and cautious traders may look to reduce exposure until a clear bullish crossover forms.

On the downside, if the price slips back under the 100-day EMA at $43.99, selling pressure could quickly re-emerge. In such a scenario, the next reliable support rests at $40.328, a level tested successfully on August 22. Losing this floor would likely embolden bears, exposing the market to deeper retracements.

In summary, while Hype is attempting a recovery, the path forward is still heavily dependent on its ability to reclaim momentum above the 50-day EMA and hold the 100-day EMA as support. Traders should remain cautious, as mixed signals between moving averages and momentum oscillators highlight the risk of both bullish continuation and bearish resurgence in the short term.
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