HYPE is around 77.6u right now. In the past 7 days it has surged by nearly 40%, but I’m not chasing this level—I’ll wait and observe.
Let me recap what happened: it ran from 55.8 all the way to 82.7, and after hitting the high today, it has started to pull back.
A pullback itself isn’t unusual. The problem is that the order book around this spot isn’t very solid—on the spot market, the depth of the sell orders in the top 20 levels is roughly twice that of the buy side. If someone dumps here, the support may be relatively thin.
The derivatives side is similar. In active trades, buys account for a little over 40%. Over the past seven hours, the buyer momentum also shrank by nearly 30%. Funding rates have been pushed positive by the long side; all eight sampling checks came back positive—meaning the longs are paying a premium, and positioning feels a bit crowded.
The large players’ data is even more interesting. About 65% of accounts are holding long positions, and net longs are also about the same. But over the last seven hours, they’ve been quietly cutting down—whether in terms of the number of accounts or the proportion of positions, the capital near the highs is taking profits.
Back to the trend: over 7 days it’s up nearly 40%. On the 4-hour chart, the direction is still upward, so the trend hasn’t broken. I don’t need to switch to shorting. The issue is this pullback after the spike to the highs: there’s profit up top that wants to be locked in, while the support below isn’t strong either—so both sides feel uncomfortable.
So at this level, I’d rather wait. Either let it pull back to a spot where there are buyers stepping in, and then trade once volume/strength picks up again; or simply wait until it shows a clearer signal. Chasing halfway through a drop generally isn’t a great deal.
#hype $HYPE
Let me recap what happened: it ran from 55.8 all the way to 82.7, and after hitting the high today, it has started to pull back.
A pullback itself isn’t unusual. The problem is that the order book around this spot isn’t very solid—on the spot market, the depth of the sell orders in the top 20 levels is roughly twice that of the buy side. If someone dumps here, the support may be relatively thin.
The derivatives side is similar. In active trades, buys account for a little over 40%. Over the past seven hours, the buyer momentum also shrank by nearly 30%. Funding rates have been pushed positive by the long side; all eight sampling checks came back positive—meaning the longs are paying a premium, and positioning feels a bit crowded.
The large players’ data is even more interesting. About 65% of accounts are holding long positions, and net longs are also about the same. But over the last seven hours, they’ve been quietly cutting down—whether in terms of the number of accounts or the proportion of positions, the capital near the highs is taking profits.
Back to the trend: over 7 days it’s up nearly 40%. On the 4-hour chart, the direction is still upward, so the trend hasn’t broken. I don’t need to switch to shorting. The issue is this pullback after the spike to the highs: there’s profit up top that wants to be locked in, while the support below isn’t strong either—so both sides feel uncomfortable.
So at this level, I’d rather wait. Either let it pull back to a spot where there are buyers stepping in, and then trade once volume/strength picks up again; or simply wait until it shows a clearer signal. Chasing halfway through a drop generally isn’t a great deal.
#hype $HYPE