$HYPE This wave is really strong.
I plotted the 1-hour structure, and the price has been moving along the ascending channel, with higher lows being established. The short-term bullish structure is still intact. I'm looking at around 50.8 as the first resistance, which is the previous high.
Whale data is also quite interesting. Out of 225 whales, 134 are going long, while 91 are going short, giving a nominal long/short ratio of 125.69%. The bulls are overall profitable right now, while the bears are still in the red.
So the HYPE status is quite clear: the structure is bullish, and the funds are leaning towards long positions.
But the problem is also evident: we've already hit close to the previous high, and chasing too aggressively here could lead to getting washed out.
Personally, I’ll scale in lightly at first, mainly to see if it can hold above the previous high.
A more comfortable position would be to see if there's a pullback around 47.2 for support.
In a nutshell: don't go hard short on HYPE right now, but also don't mindlessly chase it.
My trading thoughts are outlined below; take a look at the chart and make your own judgments, don’t get too carried away.
#hype #Hyperliquid
I plotted the 1-hour structure, and the price has been moving along the ascending channel, with higher lows being established. The short-term bullish structure is still intact. I'm looking at around 50.8 as the first resistance, which is the previous high.
Whale data is also quite interesting. Out of 225 whales, 134 are going long, while 91 are going short, giving a nominal long/short ratio of 125.69%. The bulls are overall profitable right now, while the bears are still in the red.
So the HYPE status is quite clear: the structure is bullish, and the funds are leaning towards long positions.
But the problem is also evident: we've already hit close to the previous high, and chasing too aggressively here could lead to getting washed out.
Personally, I’ll scale in lightly at first, mainly to see if it can hold above the previous high.
A more comfortable position would be to see if there's a pullback around 47.2 for support.
In a nutshell: don't go hard short on HYPE right now, but also don't mindlessly chase it.
My trading thoughts are outlined below; take a look at the chart and make your own judgments, don’t get too carried away.
#hype #Hyperliquid