$HYPE is trading below 28! 👀
The best-performing altcoin in this cycle has turned bearish since October.
Here's why:
1. Core Contributor Unlocks - starting on November 29, the Hyperliquid team will be unlocking ~2.6% of the released supply.
That's $200M-$300M hitting the open market.
Investors are pricing in these future unlocks.
2. Perp DEX Competition Heating Up - Hype had been the leading perp dex until recently.
Based on data from @DefiLlama, both @Aster_DEX and @Lighter_xyz generated more perp volume than $HYPE in the past 30 days.
@edgeX_exchange is not that far either.
- Lighter: $286B
- Aster: $239B
- Hyperliquid: $225B
- EdgeX: $162B
3. Bearish Technicals - the overall market has been negative.
However, Hype is closest to breaking key support levels.
Technical traders are eyeing the breakdown of its "Head and Shoulders" pattern, which typically appears at the top.
Hype needs to reclaim $36 soon or risk falling to below $20
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