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In addition, HYPE has surged above its point of control (PoC), meaning that bulls have now gained control over the price action as they pushed the price above the most relevant price area for the token measured by where trading volumes have been concentrated primarily throughout the year.
Strong trading volumes at the time of this breakout confirm this buy signal. However, momentum indicators are heavily stretched at the time. This means that the rally could experience some strong pullbacks along the way and could possibly head down to retest the $30 level.
If that happens, it may be a good opportunity for late buyers to enter the rally at a point when HYPE will likely eye the $40 level as the next psychological target.
The key support areas to watch down the road are the 21-day and 50-day exponential moving average (EMA). As long as the price manages to stay above these thresholds, the rally will likely continue to higher highs.
HYPE Maintains Bullish Structure at Lower Timeframes
Looking at a lower time frame, the price action has maintained its bullish structure and has already retested its former higher high. Trading volumes have been strong at these levels as the American session just started.
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