HYPE’s price has shed nearly a quarter of its value over the past month, recently hovering around $54.06 on the four-hour chart. The token struggled to maintain gains above $60 throughout July as the broader crypto market lacked clear direction.
Large moves by major holders intensified selling pressure. Multicoin Capital moved 137,100 HYPE tokens, worth about $7.51 million, to Coinbase Prime. Bitwise followed, transferring roughly 22,463 HYPE, valued at nearly $1.23 million, to the same exchange. While deposits don’t guarantee immediate sales, they do increase liquidity and often weigh on prices when demand doesn’t pick up.
HYPE remains trapped below its 50-day and 100-day moving averages and now approaches the 200-day average around $50, a critical long-term support level. The relative strength index has dropped near 34, signaling the token is close to oversold territory for the first time in weeks. This might allow for a brief rebound but not a confirmed bottom.
On shorter timeframes, HYPE trades beneath the Ichimoku cloud and key resistance levels around $54.34 to $57.14. These barriers could hinder recovery efforts unless buying volume strengthens substantially. Immediate support lies between $53.50 and $54, with the next target at $52 if those levels fail. A breakdown here would shift attention to $50 as a key battleground.
Large holders’ ongoing transfers to exchanges suggest selling pressure may continue, capping any rallies. Traders should watch the reaction at $53.50 $54 closely to gauge if buyers can regain control or if it will push HYPE further downward.
This information is for informational purposes only and does not constitute financial advice.
