Large-scale Cryptocurrency Investors Gearing Up for Selling - These Significant Price Thresholds in HYPE's Cost are Under Expert Scrutiny
In the ever-evolving world of cryptocurrencies, the digital asset HYPE has been attracting attention recently. Here's a rundown of the latest developments surrounding HYPE.
On September 16, a large investor opened a 3x leveraged short position against 303,901 HYPE, equivalent to approximately $16 million. This move, while significant, does not necessarily indicate an overwhelming bearish sentiment for HYPE at the current moment.
The price of HYPE remains around the midpoint of a rising parallel channel pattern that has been forming since late July. This pattern suggests a potential continuation of the current trend, with the $55 resistance level being a key hurdle for HYPE to overcome if it is to continue rising towards the upper limit of the channel at $60.
Interestingly, the whale responsible for this large short position has recorded a paper profit of almost $89.8 million. However, the MACD line for HYPE has started to approach the signal line, indicating a weakening bullish momentum. If the MACD line moves up again, HYPE prices could potentially face resistance around $55. Conversely, if a bearish crossover occurs in the MACD, it may confirm a potential price drop in the short term towards the $50-$47 support zone.
It's worth noting that the whale staked the tokens into nine wallets and submitted an unstake request a week ago, receiving the tokens back on September 15. The whale initially purchased 2 million HYPE tokens nine months ago at an average price of $8.68 per token.
On a positive note, Hyperliquid, the company behind HYPE, is planning to launch the USDH stablecoin. This development may increase long-term confidence in HYPE's upside potential.
As of September 16, the whale's total HYPE holdings were worth about $107.2 million. The search results do not provide information about a cryptocurrency trader who opened a 3x leveraged position against 303,901 HYPE tokens on this date.
Many believe that the current price drop in HYPE provides an attractive entry opportunity before a potential rally. The RSI indicator for HYPE, as of September 16 on the daily chart, is currently in the neutral zone, indicating a balance between buying and selling pressure. If HYPE manages to touch the lower limit of the channel again, the $50 and $47 levels may serve as important support areas for a potential buy-the-dip strategy. The whale's recent moves and the current market conditions suggest a cautious optimism for HYPE in the short term.
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