HYPE/USDT daily chart. Source: Cointelegraph/TradingView

Sellers are fiercely defending the $59.41 level, as they have not allowed the bulls to close above it. The first support on the downside is the 38.2% Fibonacci retracement level of $53.29. If the HYPE price rebounds off the $53.29 level with strength, the bulls will again attempt to resume the uptrend. A close above $62.65 opens the door to a rally toward $77.

Alternatively, a close below the $53.29 level suggests that the short-term traders are booking profits. The HYPE/USDT pair may then tumble to the 50% retracement level of $50.41 and then the 20-day EMA ($46.97). The deeper the fall, the longer the time needed for the resumption of the uptrend.