- Ah, the analyst, that modern-day oracle, has proclaimed that HYPE may tumble to the abyss of $13, having breached a symmetrical price action pattern. How poetic! 🎭
- Intraday traders, those brave souls, find themselves over-leveraged at $21.17 on the lower side and $22.79 on the upper side. A precarious dance on the edge of a cliff! 💃🕺
In a most dramatic twist of fate, Hyperliquid [HYPE] has plummeted, claiming the title of the biggest loser in the market. It has reached a level so crucial, one might think it was a scene from a tragic play. 🎭
This unfortunate decline has cast a shadow over the market, shifting sentiment to the dark side, where bearish price action reigns supreme. 🦇
HYPE’s Technical Analysis and Price Action
According to the wise sages at AMBCrypto, HYPE has recently broken free from its symmetrical price action pattern, much like a bird escaping a cage. Alas, it has breached its crucial support level at $22.70, leaving behind a trail of despair. 🐦💔
This breakdown has confirmed, at least partially, that the asset is preparing for a grand decline, perhaps worthy of a tragic opera. 🎶
Should HYPE close a daily candle below $22.50, it could plummet by 14%, reaching the depths of $19 in the days to come. A fate most dire! 😱
Given the current market sentiment, it seems HYPE is on a fast track to this predicted level, like a train hurtling down the tracks with no brakes. 🚂💨
Moreover, HYPE’s Average Directional Index (ADX) was a mere 11.20 at press time, indicating a feeble strength in the asset. This might explain the strong downside momentum, akin to a heavy weight dragging it down. ⚖️
Analyst’s View on HYPE Price Drop
In the wake of this price drop, a prominent crypto analyst, channeling their inner Nostradamus, made a bold prediction on X (formerly Twitter). 📜
The expert declared that if HYPE breaches the symmetrical triangle pattern, it could descend to the $13 level in the coming days, aligning perfectly with AMBCrypto’s analysis. A match made in market heaven! 😇
Current Price Momentum
Despite these ominous predictions, HYPE was trading near $21.50 at the time of writing, having experienced a price drop of over 12% in the past 24 hours. A rollercoaster of emotions! 🎢
During this tumultuous period, trading volume surged by 95%, indicating a frenzy of participation from traders and investors. It’s a party, but not the kind anyone wants to attend! 🎉
This surge could be attributed to the liquidation of long positions and asset offloading, or perhaps a desperate attempt at accumulation triggered by the price drop. Who knows? 🤷♂️
HYPE Traders’ Over-Leveraged Positions
Looking at the bearish price action, the on-chain analytics firm Coinglass reveals that bears are firmly in control, as if they were the puppeteers of this tragic play. 🎭
Data from HYPE Exchange’s Liquidation Map shows that traders are over-leveraged at $21.17 on the lower side and $22.79 on the upper side. These levels act as both support and resistance, like a double-edged sword! ⚔️
Additionally, traders have amassed $415k worth of long positions and a staggering $2.90 million worth of short positions. This strongly indicates that short sellers are in control, reinforcing HYPE’s bearish outlook. A tale as old as time! 📖
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2025-02-24 17:19