HYPE Technical Analysis Jan 24

Today’s short-term outlook and key levels to watch

Short-Term Market Outlook

HYPE is trading at $23.17 with a %8.62 increase during the day. The 24-hour range was $21.32 – $23.47, while volume remains high at $462.69M. Looking at the short-term outlook, the price is holding above EMA20 ($22.43), which is a bullish signal. RSI at 57.80 is in the neutral-bullish zone, and MACD supports momentum with a positive histogram. However, Supertrend is giving a bearish signal and pointing to the $25.08 resistance. Although the overall trend is downtrend, the rise in the last 24 hours has gained intraday momentum. For the next 24-48 hours, breaks above $23.48 could trigger the upside scenario, while a loss below $23.02 could bring a quick correction. In the MTF context, there are 11 strong levels across 1D/3D/1W timeframes: 1 support/2 resistances on 1D, 1S/3R on 3D, 3S/3R on 1W. Short-term targets stand out as upside $26.70, downside $20.48. News flow is calm, so technical levels will be decisive.

Intraday Critical Levels

Nearby Support Zones

Nearby support zones are $23.0235 (score: 60/100) and $22.3874 (score: 63/100). These levels may be tested during the day; a drop below $23.02 serves as an invalidation point for quick scalp short opportunities (invalidated by holding above $22.80). A break below $22.39 could provide momentum toward the day’s low of $21.32. These supports align with EMA20 and should be monitored as high-volume buying zones. For risk managers, stop-loss should be placed 0.5% below these levels.

Nearby Resistance Zones

The most critical resistance is $23.4858 (score: 87/100), near the day’s high of $23.47. A break above this level could open the path to Supertrend at $25.08. For intraday scalp longs, trigger above $23.48, invalidation below $23.30. This resistance is reinforced by strong R from MTF; passing it without volume increase looks difficult.

Momentum and Speed Analysis

Short-term momentum is bullish; MACD histogram is widening, RSI at 57.80 provides momentum without approaching overbought. However, Supertrend is bearish and the overall downtrend carries quick reversal risk. If the daily candle closes above $23.17, momentum strengthens; below, RSI divergence may form. Volume at $462M is supportive, but with BTC sideways, volatility is high in altcoins. Scalping zones: $23.02-$23.48 range, watch for breakouts. Momentum score for 24-48 hours: 65/100 bullish bias, but invalidation below $22.80.

Short-Term Scenarios

Upside Scenario

Sustained break above $23.4858 targets $25.08 (Supertrend), then $26.6973. Trigger: Volume-backed candle close above $23.48. Invalidation: Return to $23.02. This scenario is supported by holding above EMA20; probability %45. Risk: Invalidated if BTC drops below $90k. For swing longs, target R:R 1:2, stop below $23.00.

Downside Scenario

Below $23.0235 tests $22.3874, target $20.4800. Trigger: Break below $23.02 and volume increase. Invalidation: Rebound to $23.48. Probability %55, aligned with downtrend MTF. For scalp shorts, tight stop above $23.30. Risk: Possible fakeout with sudden volume spike.

Bitcoin Correlation

BTC at $89,538 with +0.29% is sideways, Supertrend bearish. HYPE is highly correlated with BTC; if BTC loses $88,834 support, expect quick drop in HYPE to $22.39. BTC resistance break above $90,753 adds momentum to HYPE toward $25. BTC.D bearish signal requires caution in altcoins; if BTC slips below $87,635 intraday, downside scenario activates for HYPE. Key BTC levels: Supports $88,834 / $87,635 / $86,420; Resistances $90,753 / $91,593 / $92,126. Don’t stray from BTC monitor in HYPE trades. For spot, check HYPE Spot Analysis, for futures HYPE Futures Analysis.

Daily Summary and Watch Points

Watch today: $23.4858 resistance break (upside trigger), $23.0235 support loss (downside). Momentum MACD/RSI divergences, volume spikes. Tight risk for 24-48 hours: Position size %1-2 capital, stop-loss at 0.5-1% distance. Short-term trading is high risk; high probability of capital loss, only for experienced traders. MTF levels critical for invalidation. Based on Chief Analyst view: Upside momentum exists but watch BTC dependency.