HYPE Jumps 6% as Bullish Structure Holds: Key Levels Ahead?
- HYPE rebounds 6% to $28.16 after a 16% pullback, extending a three-day recovery phase.
- Trading volume surges 62% to $348M as open interest rises to $1.11B, signaling fresh positioning.
- A decisive reclaim of the $29–$27 resistance band remains critical for bullish continuation.
HYPE edged higher again on Thursday, extending a rebound that has now stretched into a third straight session. The token was changing hands near $28.16 at the time of writing, up roughly 6% over 24 hours.
The bounce comes after a sharp reversal earlier in the week, when the price slid about 16% from a peak close to $30 to lows around $25. That drop briefly disrupted a support band between $29 and $27, an area that had contained most of February’s pullbacks.
The zone also aligned with the 50% and 38.20% Fibonacci retracement levels, adding technical weight to the breakdown. Even so, the broader chart structure has not fully unraveled. Price remains above a longer-term trendline that formed after a multi-month falling wedge breakout.
Bullish Structure Remains Intact
The earlier wedge breakout marked a shift in tone after weeks of compression. Price pushed through descending resistance, then circled back in what traders typically describe as a classic breakout and retest setup that remains valid. For now, that sequence still defines the larger framework.
Consequently, the recent slip below $29–$27 did not extend into a sustained cascade. Instead, buyers stepped in near $25 and forced a recovery back toward the broken band. HYPE price continues to hover just beneath that range, pressing against it rather than drifting away.
Source: TradingView
Momentum is attempting to stabilize as well. The Relative Strength Index, which dipped to around 40 on Monday, has climbed to 46. That reading remains below the neutral 50 line, yet the direction has shifted upward. It suggests selling pressure has eased, though confirmation of stronger momentum would require a move beyond that midpoint.
Broader Rally and Derivatives Flows Add Fuel
However, the rebound did not occur in isolation. Broader crypto markets advanced during the same period, with total market capitalization rising about 5.03%. The token’s 6% gain closely tracked that move, indicating participation in a wider risk-on push rather than a stand-alone catalyst.
Besides, trading activity picked up noticeably. Volume rose 62% to roughly $348 million, a jump that exceeded the percentage gain in price. That imbalance often signals a stronger conviction behind a move, though sustained participation will matter more than a single-day spike.
Derivative metrics tilted in a similar direction. The global average perpetual funding rate turned positive, showing traders are paying to hold long exposure. Open interest increased about 4% to $1.11 billion, suggesting additional leveraged positions entered the market during the advance. Together, those figures point to growing bullish positioning rather than short covering alone.
Related: Is DOGE Primed for a Breakout as the $0.09 Floor Remains Intact?
The $29–$27 Test Now Defines the Path Forward
The immediate test sits between $29 and $27. Reclaiming that range and establishing it again as support would mark a technical shift. Until then, it remains overhead resistance. If price clears the band decisively, Fibonacci markers outline reference levels near $31 at the 61.80% retracement.
Higher up, the 78.60% retracement and the full extension near $38 stand out as potential resistance zones. On the other hand, rejection at $29–$27 would refocus attention on $24 and $22, areas that previously attracted demand. A return to those levels would challenge the resilience of the broader structure.
For now, HYPE sits at an inflection point. The recovery has traction, volume supports it, and positioning leans constructive. Whether that momentum translates into a confirmed reclaim of resistance will likely determine if this three-day rise becomes a larger leg higher or fades back into range-bound trade.
