$HYPE isn't having a great week ⚠️🔍
It's down around 17% and sitting near $72.49 right now. Even the Upbit and Bithumb listings on Nov 10 couldn't really save it, price just keeps struggling after slipping under that $87-$89 zone.
Whole lot of selling came from different sides too. Back on Oct 31, two big holders dumped about $109 million worth of HYPE right after ICE said something softer about perp futures rules. Then Binance opened HYPE withdrawals again on Nov 8 after their october security mess, so people can move their tokens out again 📉
On the weekly chart, price went under the 50% fib and is now inside the 61.8% golden pocket. RSI is around 51 and still going down, so the older bullish push is kinda fading. OBV also dropped from its Aug-Sep highs, meaning buyers arent matching the selling volume.
Daily chart looks weak as well, RSI near 35 and price hanging close to the $70.44 swing low 👀
What could happen next? If $70.44 breaks, $69 is the next stop. Buyers defending $69 might give a small bounce or even a recovery try 🚀. But if that level fails, I think $61 could come into play pretty fast 🔻
It's down around 17% and sitting near $72.49 right now. Even the Upbit and Bithumb listings on Nov 10 couldn't really save it, price just keeps struggling after slipping under that $87-$89 zone.
Whole lot of selling came from different sides too. Back on Oct 31, two big holders dumped about $109 million worth of HYPE right after ICE said something softer about perp futures rules. Then Binance opened HYPE withdrawals again on Nov 8 after their october security mess, so people can move their tokens out again 📉
On the weekly chart, price went under the 50% fib and is now inside the 61.8% golden pocket. RSI is around 51 and still going down, so the older bullish push is kinda fading. OBV also dropped from its Aug-Sep highs, meaning buyers arent matching the selling volume.
Daily chart looks weak as well, RSI near 35 and price hanging close to the $70.44 swing low 👀
What could happen next? If $70.44 breaks, $69 is the next stop. Buyers defending $69 might give a small bounce or even a recovery try 🚀. But if that level fails, I think $61 could come into play pretty fast 🔻
