HYPE Price Analysis: Bulls Defend $37.60 Support – Can It Break Above $40 Resistance?

HYPE price forecast: Traders watch key $40 resistance after sharp recovery

HYPE has rebounded sharply over the past 48 hours, as it moved from around $37.00 to just over $39.00 before consolidating again.

That bounce kicked in right after the price tapped a support zone near $37.60, a level that attracted dip buyers multiple times in recent weeks.

Now, the price is starting to flatten out just below the $40.00 barrier, which has acted as a ceiling on more than one occasion.

HYPE charts on TradingView and Glassnode show HYPE price still trading in a consolidation range, but short-term momentum has flipped

And that aligns with what we’re seeing, after dipping to $37.00, HYPE price bounced aggressively to $39.20 in a classic reversal pattern.

Buyers appeared quickly near the $37.60–$38.00 zone, and that sharp recovery suggests short-term sentiment has turned more optimistic.

At the same time, HYPE’s market cap tracked price almost one-to-one. It moved from around $12.85 billion up to nearly $13.4 billion during the bounce, then pulled back slightly in price.

That tight correlation suggests that the recovery was driven by fresh capital, not supply shocks. Short-term traders reacted quickly to defend support, as it pushed the market back into a neutral-to-bullish zone.

HYPE price stabilizes while drawdown keeps market in check

Even with this bounce, HYPE price is still trading around 13%–15% below its all-time high, according to Glassnode. 

The deepest drawdown in the current cycle came in near -19%, which lined up with the recent local low at $37.

That level marked the bottom of this recent move, and the price rebounded strongly from there. At the peak of the bounce, the drawdown narrowed to just under -13%, while showing some recovery strength.

Still, the HYPE price remains stuck in a mid-range zone. Buyers have stepped in to support, but every push above $40.00 has been met with selling pressure.

If the price can break past $40.20 with real volume, the drawdown could narrow further toward -10%. Until then, the recovery remains capped and range-bound.

HYPE price analysis

HYPE daily chart. Source: Tradingview

HYPE 4h chart. Source: Tradingview

Support and resistance levels to watch

Right now, short-term support sits in the $37.60 to $38.00 zone. This area has triggered multiple bounces, which include the most recent rally.

The 50-day simple moving average (SMA) on the daily chart is sitting at $37.11 and continues to act as dynamic support. As long as HYPE’s price stays above this moving average, the structure leans bullish.

Immediate resistance is still between $40.00 and $40.50. Price action has repeatedly failed to hold above this zone, creating several “fake breakouts” that trap momentum buyers.

If HYPE can close above $40.50 on the 4H or daily chart with volume, that could open up a run toward $44.00.

On the flip side, losing the $37.50 level and the ascending trendline could trigger a move down to the $36.00–$36.40 demand zone, where bulls last stepped in hard.

HYPE structure holding steady, but breakout still unconfirmed

Zooming out, price is still respecting the bullish structure that’s been in place since late March. Higher lows are forming on the HYPE chart, and the trendline remains intact.

That said, the resistance zone between $40 and $41 continues to cap price moves. Every breakout attempt in that area has failed so far.

A bearish RSI divergence was spotted in June, and since then, the RSI has leveled off near the 53–55 range. That shows momentum is cooling, but not collapsing.

$HYPE – first TP 🫡 pic.twitter.com/rhEs2t2Oie

— ฿LUE WHALΞ (@BTCBlueWhale) July 8, 2025

On the 1H chart, a long position was spotted with entry near $37.65 and a first take-profit target around $38.70. The setup hit over 59% profit on leverage, and it reinforces that traders are watching these short-term levels closely.

Until a breakout or breakdown occurs, HYPE price is likely to remain range-bound. The structure is still intact, but confirmation above resistance is needed to signal the next leg up.