21Shares files for 2x leveraged HYPE ETF as token tests critical support

Although Hype momentarily rebounded to $43.24, fueled by the launch of the HIP-3 upgrade earlier in the week, bulls failed to maintain the uptrend. The 30-day simple moving average (SMA) currently sits around $45.27, well above the current price, underscoring sustained weakness and confirming that HYPE remains in a bearish phase.

Meanwhile, the Moving Average Convergence Divergence (MACD) is showing a bearish crossover, with the MACD line at –3.19, well below the signal line at –2.27. This confirms that the market is currently dominated by sellers, and the negative histogram bars suggest that the selling momentum is continuing to increase.

If the HYPE price fails to hold the support around $34-35, a further drop toward $30 may be in the cards. On the flipside, a recovery above $37.50 would signal a potential reversal, but such a move would require significant buying interest to break above the current resistance.