HYPE found good support at $32, but sellers remain active.

Key Support levels: $35, $32

Key Resistance levels: $37, $42, $46

1. Strong Bounce off Key Support

HYPE corrected by 33% after it broke its uptrend and touched the support at $32. Once there, the price quickly entered a relief rally. At the time of this post, buyers are trying to confirm $37 as a key support, but sellers seem determined to put up a fight. If $37 is lost, then buyers could retreat to $35 and $32 again.

Chart by TradingView

2. The Correction May not Be Over

If sellers are successful to stop HYPE at $37, then the price will confirm a lower high. This would be a clear signal that the downtrend is not over yet. In such a case, the best scenario for buyers is to defend the support at $32 and make a higher low. That would offer a great base to push HYPE into a major reversal.

Chart by TradingView

3. Buyers Are Returning

The daily MACD histogram is making higher lows. This is indicative of buyers returning. Nevertheless, it is too early to confirm a reversal in the price action. The MACD moving averages remain on the bearish side and the histogram is negative. Best to give the price more time to find a bottom in these conditions.

Chart by TradingView