HYPE continues pushing toward a potential breakout as of Saturday, February 7, following a sharp rise from $17–$18 in late January, according to crypto analyst Ardi. 

Trading volume is increasing, signaling growing investor interest as the token tests key resistance levels at $35 and $38. Experts are monitoring the market closely, as a breakout above $35 could trigger further gains.

Source: Ardi X Post

HYPE’s performance in continuing its overall trend even as other altcoins are declining further reiterates investor interest in the token. 

A sustained move above $38 could signal the beginning of a new bullish run for HYPE, while a fall below $30 could see the token experience a short-term pullback.

Also Read: Hyperliquid Shows Strength Amid Market Downturn, Eyes $40 Target

HYPE Price Squeeze Signals Potential Rally Above $35

According to TradingView, HYPE is currently consolidating around the price of $31.83 as of Saturday, Feb 7, moving up from a price range of $17 to $18 as of late January. 

The price is within Bollinger Bands, indicating a decrease in volatility, as opposed to the previous rally. Short-term EMAs (20, 50) flatten around $32, indicating equilibrium between buyers and sellers, while long-term EMAs (100, 200) remain significantly below.

Source: TradingView

The Bollinger Bands are also narrowing, and this indicates a potential volatility squeeze. Support levels are at the EMA at $32.17 and the lower band at $31.15, whereas resistance levels are at the upper band at $35.31. 

A strong move past $35.31 could initiate a fresh rally for the token, whereas a fall below $31.15 could test the 100 EMA at $30.32.

RSI & MACD Point to Short-Term Consolidation

The RSI stands at 45.37, slightly below the neutral level of 50. The RSI has gradually moved lower in recent trading sessions, indicating a slowing trend following the recent rally. The RSI currently stands between 40 and 50, suggesting consolidation in the near term.

Source: TradingView

The MACD has a weak bearish bias, as the MACD line (-0.14306) is below the signal line (0.07954), and the histogram is in negative territory. 

This indicates a temporary slowing down of the bullish momentum, which may lead to sideways or downward movements. Traders can wait for a breakout above the resistance level.

Also Read: Hyperion DeFi Expands Hyperliquid With Institutional Options Vault