$HYPE 15m just saw a relative breakdown, with volume surging to 2.65x. Price fell below the lower bound of the recent 20-bar 5m range, taker flow was -21.4%, and the buy/sell ratio was 0.65—the selling pressure is real.
Interestingly, OI is still rising: +0.52% over 1h, ranking 6th in notional change across the pool. Price down, open interest up—a classic sign of new leveraged shorts entering, rather than longs closing out and pushing the price down.
24h trading volume is over 700 million, and depth is solid, so this breakdown is no minor move. First, watch whether buyers can hold the level below. If not, leveraged shorts will be in the driver's seat.
Interestingly, OI is still rising: +0.52% over 1h, ranking 6th in notional change across the pool. Price down, open interest up—a classic sign of new leveraged shorts entering, rather than longs closing out and pushing the price down.
24h trading volume is over 700 million, and depth is solid, so this breakdown is no minor move. First, watch whether buyers can hold the level below. If not, leveraged shorts will be in the driver's seat.
