HYPE is testing the $77–$79 area, where former double-top resistance may be turning into support, as traders await the release of the U.S. Consumer Price Index. The token’s ascending channel continues to point toward resistance near $90, while a sequence of higher lows has kept its daily chart structure constructive.

HYPE retests former resistance after approaching $90

HYPE reached a new high near $89.60 earlier this month before sellers pulled the token back toward $79. The move carried price to the upper boundary of its ascending channel, as reported when the high was set in the earlier Coindoo article. Rather than breaking sharply lower from that boundary, HYPE spent several days trading close to it.

The subsequent pullback brought the token into the $77–$79 zone, where the previous double-top resistance is located. Holding above this area would preserve the current recovery structure. A loss of the zone, however, would indicate that the earlier breakout attempt had not yet converted the former ceiling into support.

HYPE/USD levels to watch

HYPE was trading near $78.90 at the time of writing, just above the former resistance area. The immediate technical question is not whether the token can move directly to a new high, but whether buyers can defend $77–$79 and then reclaim $85. Such a move could indicate that the latest decline was a corrective pullback rather than a deeper reversal.

A break below support would weaken that setup and shift attention to the 50-day simple moving average near $68, followed by the 100-day average near $66. Both averages continue to slope upward. Their lower position on the chart is nevertheless significant: a decline toward those levels would mean HYPE had failed its first support test after reaching channel resistance.

Higher lows and RSI remain constructive

The daily chart continues to show higher price lows from the August base, while the Relative Strength Index formed lower lows over the same period. This hidden bullish divergence supports the continuation case because price maintained its trend as momentum cooled.

RSI was near 51 on the chart, well below the overbought levels recorded during HYPE’s move toward $90. The indicator does not guarantee another breakout, but the setup remains constructive as long as the token holds the support zone under review.

CPI is the next major market catalyst

The U.S. Bureau of Labor Statistics is scheduled to release its August Consumer Price Index data on September 11. Ahead of the report, a Reuters poll of economists projected a 0.4% monthly increase in headline CPI and a 0.2% rise in core CPI. The survey also projected annual headline and core inflation of 3.4% and 2.4%, respectively. Reuters reported on the expected data.

Even small deviations from those estimates could produce sharp market moves as investors reassess the Federal Reserve’s next step. Rich Privorotsky, Goldman Sachs’ head of European One Delta trading, said in a MarketWatch interview that a core reading around 0.25% would be closely watched for its effect on interest-rate expectations.

The CPI report is not specific to HYPE, but it could influence broader risk appetite across cryptocurrency and other risk assets. A softer market reaction could help HYPE defend $77–$79 and reopen the path toward $85. A hotter-than-expected reading could produce a broader risk-off move and test whether the reclaimed resistance has genuinely become support.

If HYPE remains above its current zone through CPI-related volatility, that would provide stronger evidence that the previous double top is becoming a base rather than representing a failed breakout. In that case, another attempt at $89–$90 would become more credible. Until then, the reaction at support remains more important than the channel target.

This article is for informational purposes only and does not constitute investment advice. Cryptocurrency markets are volatile, and technical analysis does not guarantee future price movements.