$HYPE - Short-term Outlook

HYPEUSDT | 8h

We're seeing a short-term distribution forming on the daily chart.

Price has now tested the supply zone around $42 three times and is struggling to break through.

There's local demand in the $34.5–$34 area, where I expect a reaction, in confluent with vwap. However, if price keeps getting rejected at $37–38, a move back to $30 is likely.

A break below $30 opens the door for a deeper drop toward $27–24, which is a higher timeframe demand zone.