🔹 The interview dissecting the causes of the $36 million hack carried out by a group of North Korean hackers involving Terence Kwok has triggered a strong wave of sell-offs on the Humanity Protocol. A state of confusion has caused the H token to plunge 14.98% over the past 24 hours, trading around $0.05697 at the time of writing. Contrary to the price decline, daily trading volume has surged 95.51%, reaching $10.63 million, indicating traders are actively restructuring their positions rather than leaving the market. The project’s market cap has fallen to $176.54 million, nearing the fully unlocked market cap level of $176.73 million—a sign that most of the circulating supply was already on the market before this bout of volatility. $H
🔸 Although price action in the spot market has weakened severely, large traders on the Binance exchange still maintain a surprisingly bullish stance. Statistics show that Long accounts account for as much as 69.26%, completely overpowering the 30.74% of the Short side, bringing the Long/Short Ratio to a high 2.25. This indicates that experienced derivatives players are viewing this drop as merely a temporary reaction to negative news rather than a long-term structural breakdown. However, this overly dense Long leverage also carries significant risk, poised to spark a wave of mass liquidations if support levels below are breached.
🔹 From a technical perspective, token H has wiped out the growth gains of June and is being squeezed against the lower band of the long-term support zone around $0.0568. The positive point remains in the MACD indicator, as the MACD line has crossed above the signal line and the histogram has shifted into positive territory, suggesting that selling pressure has eased somewhat. If the buyers manage to defend the $0.0568 level successfully, H will have a chance to rebound toward the resistance zone at $0.080. Data from the liquidation heatmap also points to two major liquidity areas: a large cluster of Shorts concentrated around $0.061 could trigger a short squeeze that pushes the price up quickly, while a dense cluster of Longs at $0.055 would be fuel for the bears if the core support zone is broken down.
Given the news pressure about the $36 million hack, but with the Long/Short ratio on Binance still leaning strongly toward the buy side at the $0.0568 support level, would you choose to go Long to expect a liquidation sweep of Short orders up to $0.061, or place a Short order to chase the downward trend?
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