That zone has so far helped stabilize the pullback. If buyers defend this area and push HYPE back above the 20-day EMA near $64.17, the next upside target could emerge at the 0.236 Fib level around $67.61.
A stronger breakout from there would put the focus on the channel’s upper boundary near the recent swing high around $76.66, implying a rally of roughly 20% from current levels in the mid-$60s.
The Bearish Case
The bullish setup would weaken if HYPE loses its rising trendline support and the 50-day EMA near $60.29. A decisive daily close below that cluster could confirm a breakdown from the ascending channel, exposing the 0.5 Fib level near $57.50 as the next downside target.
The risk is not purely technical. Wallets reportedly linked to venture capital firm A16Z deposited 76,840 HYPE, worth roughly $5 million, into multiple centralized exchanges, implying that the firm had sold a total of 154,242 HYPE, or about $10.19 million, over the past two days.
Source: Original Article
