As reflected on the daily chart, the HYPE price recently broke out of a falling wedge and rallied toward the local resistance near $35. However, repeated failures to secure a close above this zone triggered visible exhaustion, leading to a sharp rejection. Momentum has started to fade, with RSI slipping into a descending parallel channel, signaling weakening bullish control. This setup raises the risk of a move toward the local support band between $27 and $28, with a deeper test near $25 if selling pressure persists.
Notably, the decline appears driven more by waning bullish participation than aggressive selling, as volumes have steadily dried up. This lack of conviction suggests the current move is corrective rather than a full trend reversal. If HYPE holds the support zone and volume revives, a rebound remains possible, potentially setting the stage for another attempt toward the higher resistance range.
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