Technical Rebound and Pattern Formation
HYPE began its move from $28.8 after forming a clean double bottom on the RSI, echoing the structure seen on October 10. This repeat pattern signaled exhaustion at the lows, especially as liquidity was swept without new sell momentum. This structure served as the first sign that sellers were losing control near support.
Momentum shifted when the RSI trendline broke at the same time price crossed above EMA12. This synchronized breakout trapped shorts positioned for further downside. The strong impulse candle above EMA12 reflected renewed buyer strength. The move carried HYPE directly to the 38.2% retracement level.
HYPE met resistance at $36, a zone carrying confluence from the SMA50, Fibonacci structure, and the prior breakdown area. This level matched the projected take-profit target, completing a +30% upward leg. The next stage depends on a confirmed close above this barrier.
Market Levels and Structural Outlook
HYPE now trades beneath the key $36 ceiling. A brief wick above the level does not confirm strength. Instead, the market would require acceptance above the SMA50 to validate short-term bullish continuation. Without this, the recent advance remains a relief bounce within a wider downtrend.
Support rests near $33, formed by the breakout from the initial rebound. Should price lose this level, HYPE may revisit $30 to rebuild a stable base. The token trades at $35.52, showing a 4.21% daily rise but a 9.89% weekly decline. This positions the asset near the midpoint of its recent range.
Momentum depends on buyers holding support and demonstrating strength at resistance. The $36 region remains the most important near-term level for direction.
Funding, Open Interest, and Trader Positioning
Derivatives data shows HYPE experiencing mixed conditions. The volume in the spot decreased by 21.85% to $1.57B, and open interest rose by 0.49% to $1.51B. This is an indication that traders are holding leverage even as the trading activity is decelerating. Such setups often precede larger moves.
Long/short ratios between 1.13 and 1.47 across major exchanges reveal a clear long skew. Market participants appear to expect continuation or to defend key supports. Recent liquidation data shows long positions absorbing most losses.
Funding rates, which reached 0.06% during earlier rallies, have moved closer to neutral. However, rising open interest indicates that leverage remains elevated. The next directional phase depends on whether buyers can reclaim momentum without heating funding once more.