๐ $HYPE testing crucial supportโฆ Will it bounce back before it's too late?
The current price at 41.9 is touching the historical support zone โ the first contact with the 20-week moving average since May. This moment could be a turning point ๐
๐ง Bullish scenario:
โข Holding above the weekly average = beginning of a new upward phase
โข All previous waves reached 1.236 Fibonacci โ Potential target: 64,500$
โ ๏ธ Bearish scenario:
โข Weekly close failure = selling pressure towards support 1
โข Potential contact with the 200-day moving average โ Bearish target: 36,000$
๐ Daily Relative Strength Index?
โข Positioned above a 6-month support zone
โข Enhances the likelihood of a technical bounce from this area
๐ The price is still within the ascending channel โ but any break now could change the entire narrative
๐ฒ Follow channel
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