This morning, HYPE crashed again! It dropped nearly 8% in 24 hours, currently priced at $22.3. From the historical high of $59.4, it has already fallen over 62%! Many people ask me: Is it time to buy the dip? Is a rebound coming? Don't rush; let me clarify it for you with a chart.
News:
The current total market value of HYPE is still $7.6 billion, but the price has already fallen back to three months ago. Market sentiment is weak, selling pressure is evident, and there is no significant good news support in the short term. This is the reality we must face.
Technical analysis:
Currently, the trend is declining with an increase in volume. The MACD yellow and white lines are rising uniformly below the 0 axis before turning down, forming a 'golden cross turning into a death cross', which is a typical weak signal.
The resistance level is very clear: 23.731 is the intraday resistance, and 24.662 is the strong resistance for pullbacks. In terms of support, 22.114 is the intraday support, and 21.292 is the lifeline for rebounds.
I Ching view: I believe HYPE has not finished falling yet.
Although there may be a small rebound in the 22.936–22.114 range in the short term, the overall trend is still downward. Especially with the MACD death cross formation, coupled with 'oversold greater than overbought', it indicates that the downward momentum is still being released. The two positions at 24.662 and 23.731, if rebounded to here, will be a good entry point for short positions. The initial target below is 22.114, and if it breaks, the next stop will be 21.292.
I Ching's suggestion:
If you currently have holdings, it is recommended to reduce positions or exit if there is a rebound near 23.7. If you are out of the market, don't rush to bottom fish; wait for the price to hit around 21.3 before considering a small position to go long, but be sure to set a stop loss. The market has not stabilized yet, so do not catch falling knives easily!
The market always has opportunities; the key is to operate calmly. I Ching will continue to help everyone monitor on-chain dynamics and move steadily forward together! Pay attention to I Ching and participate in every attack of the I Ching villagers! I Ching will announce the specific entry time and real-time news in the village every day!#ETH走势分析
