HYPE just lost its support at $40. How low can it go?

Key Support levels: $37, $32

Key Resistance levels: $40, $43

1. Downtrend Intensifies

The market seems to be turning around after HYPE failed to sustain its price above $40. This level has now turned into a key resistance, and sellers are aiming for $37 next. Should that level also fall, then HYPE will likely find support just above $32.

Chart by TradingView

2. Bears Return in Force

After being absent for months, bears are back, and they mean business. In the past four days, HYPE closed each daily candle in red. This has scattered any buyers as the price is in search of support. Hopefully, this cryptocurrency can find some relief around $37, which should act as a key support.

Chart by TradingView

3. Major Bearish Cross

The 3-day MACD did a major bearish cross, which signals that HYPE is entering a significant correction that can last several weeks, at minimum. With sellers having the upper hand, the price could very well visit the low $30s if buyers remain shy.

Chart by TradingView