The HYPE token is consolidating around $31.83 after a sharp rally from below $18 in late January. Technical indicators like narrowing Bollinger Bands signal a potential volatility squeeze, with key resistance observed at $35 and $38. Analysts note increasing trading volume suggests growing investor interest, and a sustained move above $38 could signal the start of a new bullish run.
HYPE continues pushing toward a potential breakout as of Saturday, February 7, following a sharp rise from $17–$18 in late January, according to crypto analyst Ardi. Trading volume is increasing, signaling growing investor interest as the token tests key resistance levels at $35 and $38.
HYPE’s performance in continuing its overall trend even as other altcoins are declining further reiterates investor interest in the token. A sustained move above $38 could signal the beginning of a new bullish run for HYPE, while a fall below $30 could see the token experience a short-term pullback.
According to TradingView data, the price is within Bollinger Bands, indicating a decrease in volatility. Short-term EMAs flatten around $32, indicating equilibrium between buyers and sellers, while long-term EMAs remain significantly below.
The Bollinger Bands are also narrowing, and this indicates a potential volatility squeeze. Support levels are at the EMA at $32.17 and the lower band at $31.15, whereas resistance levels are at the upper band at $35.31.
The RSI stands at 45.37, slightly below the neutral level of 50. The RSI currently stands between 40 and 50, suggesting consolidation in the near term.
The MACD has a weak bearish bias, as the MACD line is below the signal line, and the histogram is in negative territory. This indicates a temporary slowing down of the bullish momentum, which may lead to sideways or downward movements.
