Saad Ullah
⬤ HYPE is trading within a clearly defined descending channel, currently hovering around $34.67 on the 4-hour timeframe. This formation is widely recognized as a bullish reversal setup, and traders are watching closely to see if the token can push above the channel's upper resistance line.
⬤ The chart shows HYPE has been moving between parallel trendlines since mid-September. While the token has bounced off the lower support several times, each recovery has been relatively short-lived, with price struggling to build sustained upward momentum. The pattern remains intact, suggesting the market is still waiting for a clear directional signal.
⬤ A successful break above the descending channel would likely shift momentum in favor of buyers. The analysis points to a target zone around $60.15, which represents the next significant resistance level if the breakout gains traction and holds.
⬤ Descending channels like this one often set the stage for sharp reversals when buying pressure builds up. If HYPE manages to clear the upper boundary with strong volume, it could signal a sentiment shift and pave the way for a rally toward the $60 mark.
Saad Ullah
