$HYPE showing some high-altitude turbulence! 📉✈️
Quick breakdown of the 1h chart:
* The Rejection: Rejected at the $34.85 local top. We’ve seen a string of red candles since.
* EMA Check: Price has dipped below the EMA(7) (yellow) and is currently testing the EMA(25) (pink) as support around $32.29.
* RSI: Sitting at 45.79. It’s cooled off significantly from the overbought zone, leaving room for a bounce or a deeper slide.
Consolidation mode. If $32.29 holds, we could see a retest of the highs. If it breaks, look for the purple EMA(99) at $27.63 for the next major safety net.
Trade safe! 🛡️
