How high can HYPE price go after Robinhood listing?

Key takeaways:

• HYPE breaks retired supra cardinal resistance, eyeing a 40% determination toward $56.5 by November.

• A driblet beneath the 200-day EMA could invalidate the bullish setup and propulsion the terms toward $32–34.

HYPE, the autochthonal token of decentralized speech Hyperliquid, has jumped by implicit 13% a time aft its listing connected US-based trading level Robinhood, and was trading arsenic precocious arsenic $40.87 connected Friday.

HYPE/USDT hourly chart. Source: TradingView

Can HYPE rally further from existent levels?

HYPE breakout hints astatine 40% rally next

HYPE has confirmed a breakout from its multi-week falling wedge pattern, a setup often viewed arsenic a bullish reversal signal.

The breakout occurred arsenic prices surged supra the wedge’s precocious trendline and the 200-day exponential moving mean (200-day EMA; the bluish wave), some of which present enactment arsenic a beardown enactment confluence adjacent the $38 zone.

HYPE/USDT regular chart. Source: TradingView

The breakout was accompanied by a notable summation successful trading volumes, suggesting caller buying involvement and the imaginable commencement of a caller uptrend phase.

HYPE whitethorn rally toward its wedge upside people of astir $56.50, representing a 40% summation from existent terms levels, by November.

Related: Hyperliquid Strategies wants $1B to bargain further into the HYPE

That aligns with expert Crypto Patel’s upside people supra $50, a level sitting astir the little trendline of HYPE’s erstwhile ascending channel, arsenic shown below.

HYPER/USDT two-day terms chart. Source: TradingView

What could alteration the bullish view?

A driblet backmost beneath the 200-day EMA would invalidate the bullish setup and hint astatine a mendacious breakout, sending HYPE’s terms toward the wedge’s little trendline astatine astir the $32-34 range.

Patel sees HYPE falling toward the $20-$ 20 scope if the terms breaks beneath $32, though helium sees beardown buying request wrong the area.

“That’s wherever semipermanent holders should beryllium loading their bags HEAVY,” helium wrote, adding:

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.