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Despite HYPE’s limited price history, the daily chart from Pyth Network shows that the token is bouncing off a key support today at $12.
So, apart from the news that they shared just hours ago, a tag of this support could also be aiding its positive performance in the past 24 hours.
However, HYPE remains in a sharp downtrend that seems quite difficult to overturn unless the price rises by at least 50% in the next few weeks.
The most critical resistance level at this point is found at around $21. With market sentiment being so heavily depressed at the moment, it seems highly unlikely that HYPE will achieve this feat in a short period.
For now, bulls would have to be satisfied with whatever they can get from these technical bounces and supportive news.
HYPE Needs to Break Above Two Resistances to Keep the Rally Going
As we head to the hourly chart, we can see that HYPE is hitting a key resistance at around $14.2 per token and has another one waiting at $14.7 if it manages to jump above this first obstacle.
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