- HYPE token price drops 5.34% in 24 hours, currently at $28.08.
- Whale trader holds 1.38M HYPE tokens despite floating loss of $15.3M.
- Support seen near $20, with analysts forecasting further price declines.
HYPE token has been under significant pressure in recent days, with its price dropping to $28.08, a 5.34% decline in the last 24 hours. This marks a continuation of the token’s downward trend, which has been ongoing since earlier this year.
According to analysts, HYPE is struggling to hold critical support levels, and the market sentiment remains bearish. The token’s price is expected to face further declines, with analysts predicting support in the $20 range.
Despite the price decline, HYPE has attracted significant attention from market participants. However, the ongoing downtrend has led to questions about the token’s future performance.
“HYPE is in a critical phase, and we could see further drops if support around $25–$20 fails to hold,” noted Altcoin Sherpa, a well-known market analyst.
Whale Position and Market Behaviour
HYPE market situation is the massive long position held by a prominent whale. This trader has 1.38 million HYPE tokens, valued at approximately $38 million.
However, the position is leveraged at 5x, resulting in a floating loss of $15.3 million due to the price decline. Despite the current loss, the trader’s entry price was $38.67, and the liquidation price is set at $22.16.
While the trader may be expecting a rebound, market sentiment appears to be bearish, with analysts suggesting further declines. “The whale’s bet on HYPE may show confidence in a future recovery, but current market conditions remain weak,” said Onchain Lens, a market analyst who reported on the trader’s position.
Support and Resistance Levels for HYPE
HYPE shows that the token is currently riding within a wide descending channel. The price is near the lower edge of this channel, and every attempt to break out has failed near the upper boundary.
Analysts are closely monitoring the $26 mark, which coincides with the 50% Fibonacci level. If buyers can hold this level, the price could potentially rebound toward $30 or even $35.
However, if this support level fails, the next strong support is expected in the low $20s. The market will need to see significant buying pressure to reverse the current trend. Without that, the price could continue its decline, reaching levels lower than $25.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
