HYPE Eyes $64 Target While Defending Key Support Level

HYPE is currently trading within a descending channel while staying above a crucial red support line. The price action shows lower highs and lower lows, with the token now sitting near the bottom of this pattern. Market observers note that this support trendline is the make-or-break level for any near-term upside.

Trading around $38, HYPE is respecting both the wider green channel and the rising red support line underneath. The trend stays valid as long as price holds above this support zone, which has successfully defended against multiple recent tests. Meanwhile, a white descending resistance line continues capping any upward attempts, and no breakout has happened yet.

The descending channel keeps controlling price behavior as HYPE moves closer to where the red and white trendlines converge. A $64 target sits at the upper zone of the previous range. This scenario only works if support holds—any break below would cancel the bullish outlook entirely.

Descending channels often set up bigger moves once they break in either direction. Holding support keeps the rebound possibility alive and shows buyers are still engaged despite recent weakness. A clean break above resistance could flip market sentiment and strengthen the bullish case across longer timeframes.

Source: Don