🚨 $HYPE Consolidating with a slight bearish bias. For trading on 1-hour timeframe, I'd consider short positions on a break below key support, but be ready for a fakeout
Recent hourly candles show fluctuating volume. The most significant volume spikes occurred during the sell-off from ~25.8 to ~24.4 and the subsequent rally back towards 26.6. This indicates that moves with direction have higher conviction. The most recent candles show declining volume, signaling a lack of interest and potential consolidation. This low-volume environment often precedes a volatile breakout.
The contract net flow data is critical. There are consistent and significant outflows over larger timeframes (-8.5M USDT 24h, -74.3M USDT 7D), indicating a strong macro trend of capital leaving the futures market, which is a bearish sentiment indicator. However, in the very short term (5m to 1H), there have been modest inflows (e.g., +597K at 5m), suggesting some fleeting buying interest at these lower price levels. The spot market shows a net inflow over 24h (+1.09M USDT) and 7D (+7.76M USDT), indicating a more positive underlying sentiment from spot buyers, creating a divergence with the futures market outflows.
Entry short $HYPE : The ideal short entry would be on a rejection from the MA20 resistance (~24.87) or a breakdown below the key support at (24.39) with increasing volume. A more aggressive entry could be considered if the price breaks below the Bollinger lower band (24.26). Given the low volume and neutral RSI, a cautious approach is advised; wait for confirmation.
Stop-Loss should be placed 3-4% above the entry point. For an entry near 24.40, a stop at 25.15 is prudent. For an entry on a rejection at 24.87, a stop at 25.60 is reasonable.
Target Price $HYPE : The primary target would be a retest of the recent swing low around 24.34. A stronger move could target the next psychological level around 24.0 .
#hype #hypeusdt #Hyperliquid