🐻 $HYPE appears to be in a consolidation phase, though current indicators suggest a bearish sentiment. A cautious short position is being considered. 📉
Recent volume analysis shows a significant red candle from 25.3 to 24.3, accompanied by a massive spike of over 2 million in volume. This suggests a strong capitulation event by sellers. Subsequent price bounces have been on considerably lower volume, indicating weak buyer conviction and a classic bearish divergence. 📊
Capital flows in futures contracts are predominantly negative, with -4.1M stablecoin in the last hour and -13.6M stablecoin over 24 hours. This signals sustained selling pressure from speculative traders. 📉
Conversely, spot flows have been positive, recording +369.7k stablecoin in 4 hours and +1.35M stablecoin over 24 hours, suggesting some accumulation at dips. However, for a short-term trade, these immediate negative futures flows point towards potential further downside. 💡
Entry Strategy for $HYPE Short:
* Wait for a pullback to the resistance level around 25.01 stablecoin.
* Alternatively, consider a break below the support level at 24.29 stablecoin with increased volume as a continuation signal. 🎯
SL: Approximately 3% above the entry point. For an entry at 25.01, set SL around 25.76 stablecoin. 🛡️
TP Targets for $HYPE:
* TP1: Support level at 23.82 stablecoin.
* TP2: Subsequent support at 23.57 stablecoin.
* Invalidation: If support at 23.82 holds firm on a retest, the bearish thesis is invalidated. 📈
(HYPEUSDT)
What are your thoughts on $HYPE's outlook? Do you foresee a potential reversal or further downside? Let us know! 👇
#hype #hypeusdt
#Hyperliquid