HYPE is experiencing a gradual recovery following a steep correction, showing the potential for change in the overall market. The price indicates signs of improvement, yet a strong uptrend requires increased investor participation and trust, a crucial missing component.
The Moving Average Convergence Divergence (MACD) of HYPE has recorded an upward crossover for the first time in a while. This change, following a slight price recovery, suggests a possible trend reversal if supported by market forces.
Despite recent price rises, the Chaikin Money Flow (CMF) indicator is below the zero line, highlighting weak inflows and a lack of essential investor participation. Continued price growth requires more robust investment.
HYPE's price has risen by 8% in recent days but is still recovering from the previous week's 20% adjustment. Currently above the $19.47 support level and aiming to break through $23.20 resistance.
If HYPE cannot break the $23.20 resistance, a retest of the $19.47 support is possible, risking further declines and reduced investor confidence.
