Despite HYPE's Limited Price History, the Daily Chart from Pyth Network Shows That the Token Is Bouncing off a Key Support Today

Despite HYPE's limited price history, the daily chart from Pyth Network shows that the token is bouncing off a key support today at $12. By CaptainAltcoin.

HYPE, the native token of Hype Network, is showing signs of technical strength as it bounces off a key level of support on Monday, according to a report by Smart Money.

The token, which is currently trading at around $13, has been able to find a bid at a crucial level of support at $12, which could help to limit further weakness in the short term.

However, HYPE remains in a sharp downtrend, which could make it difficult for buyers to capitalize on this bounce without seeing a broader reversal of the bear market.

The most critical resistance level at this point is likely to be the 38.2% Fibonacci retracement, which comes in at around $21. With market sentiment being so heavily depressed at the moment, it seems highly unlikely that HYPE will be able to rally by this amount in a short period.

For now, bulls will have to be satisfied with whatever they can get from these technical bounces and supportive news.

To add to the recent news, Hype Network has just announced a partnership with Pyth Network to bring cryptocurrency price feeds to DeFi protocols. This could be a major development for the DeFi industry, as it could help to improve the efficiency and transparency of DeFi protocols.

The daily chart from the Pyth Network shows that HYPE is bouncing off a key level of support today at $12.

So, apart from the news that they shared just hours ago, a tag of this support could also be aiding its positive performance in the past 24 hours.

However, HYPE remains in a sharp downtrend that seems quite difficult to overturn unless the price rises by at least 50% in the next few weeks.

The most critical resistance level at this point is likely to be the 38.2% Fibonacci retracement from the March 2022 high to the November 2022 low, which comes in at around $21.

With market sentiment being so heavily depressed at the moment, it seems highly unlikely that HYPE will be able to achieve this feat in a short period.

For now, bulls would have to be satisfied with whatever they can get from these technical bounces and supportive news.

As we head to the hourly chart, we can see that HYPE is hitting a key resistance at around $14.2. It has another one waiting at $14.7 if it manages to jump above this first obstacle.