Soaring HYPE price explained: the factors contributing to its upward trend
In the dynamic world of cryptocurrencies, the short-term movements of HYPE have become particularly intriguing due to its added volatility. Particular attention is required regarding the next price impulses of HYPE, as a retest of the support at $48.92 is a likely scenario before the uptrend can gain further momentum.
Bastian Keller, a well-known figure in the crypto trading community, offers insights on HYPE and other digital assets through his YouTube channel, Bitbull Trading, which boasts over 140,000 subscribers. Keller, also known as Bitbull, has been a full-time crypto trader since 2018 and operates independently in the Forex market since 2015.
One of the recent developments in HYPE's price action is the breakout from an Ascending Triangle on the daily chart, which saw the price move upwards. Following this breakout, a small W formation developed, facilitating an upward movement. However, if HYPE tests the recent high again, an M pattern could form, putting short-term pressure on the uptrend.
The MACD (Moving Average Convergence Divergence) on both the daily and 4-hour charts provide interesting signals. On the daily chart, the MACD currently signals waning momentum, while on the 4-hour chart, it is transitioning from negative to positive momentum, indicating a potential shift in the market sentiment.
The RSI (Relative Strength Index) on the daily chart is above its average line, supporting the overall bullish image. On the 4-hour chart, the RSI has risen above the 50-point mark and broken above its average line, indicating a bullish signal.
It's worth noting that the structure of HYPE remains sensitive on smaller timeframes. If a more pronounced correction occurs, the area around $42.19 USD could serve as the next important support.
Upcoming economic data could bring added volatility to the market, making it crucial for investors to stay informed and adapt their strategies accordingly.
TradeMania, a platform launched by Bitbull, aims to simplify the entry into crypto trading for beginners. The platform offers a user-friendly interface and educational resources to help newcomers navigate the complex world of cryptocurrencies.
In conclusion, while HYPE's price action shows a bullish trend, investors should remain vigilant due to the added volatility and potential for corrections. Keeping an eye on the MACD and RSI indicators, as well as upcoming economic data, could provide valuable insights for making informed trading decisions.
