When a whale that bought HYPE at $11.50 decides it's time to take a profit of 7 million dollars, the entire market feels the movement of the water. 🐋 It's not a panic sell, family, it's a strategic exit that puts us all to the test. Hyperliquid (HYPE) is currently trading at $22.94, marking a drop of 1.31% in the last day, but if we look at the full week, we already have a hit of nearly 10%. There are no mysteries here, what we have is a technical and psychological scenario that we need to break down together. 📉
What happened between January 23 and 24 was not a coincidence. A large investor withdrew 665,000 units of HYPE from staking to sell them on Bybit. 🏛️ Think about this: if you double your initial investment, the most logical thing is to secure your capital, and that is exactly what this player did. The problem is that a sale of that magnitude generates pressure that the current demand cannot absorb so quickly, and that is why the price is slipping away from us.
But the matter goes beyond a single investor. The crypto market in general is in a 'fear' mode (the sentiment index is at 34, very low), and we are seeing something super interesting: money is running towards the safe haven of gold. 🥇 It has even been detected that on the same Hyperliquid platform, other investors are changing their positions for tokenized gold (XAUT). In other words, capital is seeking security and stability, leaving derivative altcoins like HYPE in a vulnerable position while the storm passes. ⛈️
Technically, the outlook calls for a lot of caution. We are operating below the 30 and 200-day moving averages ($24.81 and $38.78 respectively), which means that, on paper, the sellers are in charge. 🎻 The RSI still does not indicate that we are 'cheap' or oversold, so there could still be a bit more pain before we see a real bounce. The level of $22.19 is our containment wall; if it breaks, we could head straight to visit $20.53.
Are we at the end of a cycle for this asset, or is it simply the market cleaning out weak hands so that stronger capital can take control at lower levels? $HYPE
