Short-Term Structure Has Improved
HYPE has produced a V-shaped recovery from the August 2 low at $51.13, breaking above the $56.12 swing high and shifting the short-term structure back in favour of the bulls. Buyers have also pushed price back above the bullishly crossed 100/50-Period EMAs.

Breakout Now Being Tested
The latest pullback is retesting the former $56.12 resistance level as support. Holding above this area would reinforce the breakout and maintain the improving short-term outlook.

Resistance Lies Just Ahead
Should buyers defend current support, attention will turn to the $60.48 swing high, which represents the next significant resistance level. A break above this area would further strengthen the recovery.

Support Remains Key
A decisive move back below $56.12 on increased selling volume would weaken the bullish case and increase the probability of a deeper pullback towards the June 10 support at $52.67.

In Summary
HYPE has made encouraging progress by reclaiming both the $56.12 swing high and the bullishly crossed 100/50-Period EMAs, improving the short-term outlook. The current pullback will now determine whether that breakout can hold. If buyers successfully defend support, the focus will shift towards $60.48. Failure to do so, however, would increase the risk of another move back towards the important $52.67 support level.