Since early June, the HYPE token has been demonstrating a steady uptrend, attracting traders' attention with its chart patterns.
Uptrend of HYPE since June
Since early June, **HYPE** has maintained a steady uptrend, respecting a key trendline that has acted as a strong foundation for the token’s price action. This trendline has provided consistent support and shaped the lower boundary of a bullish chart pattern now catching the eye of crypto traders: the **ascending triangle**.
Key Resistance in July
The upper boundary of this triangle, the resistance line that began forming in July, is the key level that traders are watching. A breakout above this horizontal resistance could be the trigger for **HYPE to enter price discovery mode**, where historical resistance levels no longer apply, and the market sets new highs based purely on supply and demand.
Potential Breakout and Its Impact
A confirmed breakout above this resistance level could set off a new rally, possibly taking HYPE into uncharted territory. While nothing is guaranteed in the volatile crypto space, chart patterns like this offer high-probability setups for traders who follow technical analysis.
Thus, the expectation of a potential breakout for HYPE generates interest among analysts and traders. Despite the chance of false breakouts, the overall bullish sentiment in the market and the current uptrend of HYPE make this situation intriguing to watch.
