- HYPE price confirms breakout above $53.34, ending weeks of sideways consolidation.
- Fibonacci targets are set at $60.04, $70.88, and $81.72 in the current rally.
- Strong volume and higher lows support a bullish trend toward the $88 target.
HYPE price has just broken months of stagnation by a strong breakout of an ascending triangle, which is a significant change in momentum. Bullish volume and Fibonacci levels after remaining steady with key support at $53.34, provide an easy way forward to greater levels. This breakout may be the beginning of the next explosive rally of HYPE, which is already nearly at the goal of $60.04, with future expectations of $88. That is why this chart favors the upside.
HYPE Price Breakout Signals Bullish Path Toward $88 Target
HYPE token has set a notable bullish breakout through an upward triangle formation that had been shaping up since the beginning of the summer. This technical structure usually indicates the resurgence of an uptrend, and the breakout here was followed by a large amount of volume and a clean close of the daily candle above a critical resistance at $53.34, which is the 1.0 Fibonacci extension level.
HYPE is currently trading at approximately 54.91, which exhibits prolonged power and initial subsequent follow through post-MAN. The breakout of the ascending triangle not only completed a period of many weeks of consolidation, but also established a strong technical foundation to provide additional gains. The initial significant resistance to come is the 1.618 Fibonacci extension of 60.04, which can serve as short term target since the interest in buying is high.
In addition to that, the price roadmap indicates that the mid- to long-term targets will be located at $70.88 (2.618 Fib) and $81.72 (3.618 Fib), and the ultimate goal will be positioned at $88, which is consistent with the maximum reach of the breakout structure. The increasing volume patterns and steadily rising higher lows are additional affirmations of this target.
It could pullback slightly back to the breakout area close to $5339534 but this would only be a healthy retest and not a reversal. The support to watch is at 45.06 (0.236 Fib), and a decline below this can nullify the bullish pattern. To date, the trend is evidently in an upward direction and the journey towards $88 has a clear technical picture.
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