#hype Could this downturn be a bear trap before a push toward $100 🤔? It just fell below the key $75 support, breaking out of a two-month rectangle range. A whale also unstaked and transferred nearly $39.3 million worth of tokens to an exchange, adding to selling pressure. The next support levels to watch are $64 and $53.
But there are bullish signals here, too! Binance resuming $HYPE
withdrawals could reduce exchange reserves; the protocol is also continuing its buyback-and-burn program, burning over $1 million worth of HYPE in a single day, while revenue is rising rapidly. If supply keeps tightening, we could see a short squeeze and a repeat of July’s strong rally.
But there are bullish signals here, too! Binance resuming $HYPE
withdrawals could reduce exchange reserves; the protocol is also continuing its buyback-and-burn program, burning over $1 million worth of HYPE in a single day, while revenue is rising rapidly. If supply keeps tightening, we could see a short squeeze and a repeat of July’s strong rally.
