Usman Salis
The cryptocurrency market has witnessed a significant shift in HYPE's price action as the token appears to have completed its correction phase. After weeks of bearish pressure, recent chart patterns suggest a meaningful reversal that could drive substantial upward momentum in the coming weeks.
HYPE Breaks Out of Downtrend
HYPE has just confirmed a major trend reversal that's caught traders' attention. The recent correction appears to have run its course as price action has decisively flipped bullish. The token has successfully broken out of its persistent downtrend that had been weighing on prices since mid-September.
According to analyst Dylan, the chart reveals a textbook reversal pattern where HYPE formed a solid double bottom near the $52.30 level before gathering strength to break above key resistance around $54.20.
This breakthrough has established a new short-term ascending channel, marking the end of the bearish structure that had dominated recent price action and suggesting stronger upward pressure is building.
Key Technical Levels to Watch
Several critical price levels are now in focus as traders monitor HYPE's next moves. The support zone sits between $52.30 and $52.50, representing the double-bottom base that provided the foundation for this reversal. Immediate resistance appears in the $55.50 to $56.00 range, while the next major target lies at the $60 psychological level. The newly formed uptrend channel structure is now guiding the move higher, and the breakout above resistance has created room for additional gains if bulls can maintain their momentum.
Chart Analysis
The technical picture reveals a compelling story of shifting market sentiment. The double-bottom reversal pattern signals emerging bullish strength, while the clean breakout from the downtrend into an ascending channel shows conviction behind the move. Perhaps most encouraging is the increasing momentum above resistance levels, which often indicates the potential for continuation rather than a false breakout. With these technical signals aligning, the $60 target appears realistic for the near term.
Usman Salis
