$HYPE pumped to $97 and now everyone thinks it is dead at $78, I think this is where the real test starts
Live:
$HYPE $78.346 +0.65% | H $79.651 L $77.419 | Turnover $24.50M
I am watching this level closely because it is make or break. We went from $97.087 top all the way down to $76.280 low and now we are stuck around $78.34. That $76 to $78 zone is the floor everyone is watching. If it holds, we build a base. If it breaks, we go much lower.
My read is simple. On daily we gave back a big chunk of that pump and now we are sitting near the half retracement around $78.67. Big picture is still above the 200 EMA near $69.68, so uptrend is not dead yet, it is just cooling off. RSI6 is 36.41, RSI12 42.49, RSI24 46.04, so momentum is weak but not totally washed out. MACD is still red at -0.41, so I am not calling a bottom yet.
Upside first wall is $83.76. That is the next Fib level. If we get a daily close above $83, then I start believing the pullback is done. Above that $89.72 opens, then $93.94 to $97.08 highs come back into play where all the old volume was. That is where real interest was on the way up.
Downside is clear too. Lose $78 and hold below it and short term bullish idea gets weak. Lose $73.59 and close below it and the whole bounce setup fails and $69.68 200 EMA becomes the next target.
My plan, I am not buying $78.34 middle with MACD still negative. I wait. Long only on daily close above $83 with volume, stop below $73.59, targets $89.72 then $93.94. Short only if $78 breaks and closes below, then $73.59. Risk 1 to 2% only. This is a patience trade.
Be honest, do you think $78 holds and turns into a higher low, or do we flush to $69.68?
Comment BULL if you think $83 breaks, BEAR if you think $73 breaks.
Tap to trade this $78 decision zone
$HYPE #hype #Hyperliquid #BinanceSquare @Binance Square Official