HYPE Crashes 17% as Bitcoin DropsWhale Moves Millions Amid Market Chaos
- HYPE drops 17%, mirroring Bitcoins decline below $82K and triggering market-wide panic.
- A whale injects $5M into HYPE, increasing holdings but facing a $1.05M unrealized loss.
- Descending triangle pattern signals further downside if support at $11.29 fails.
- RSI nears oversold, hinting at a bounce, but bearish pressure remains strong.
The crypto market is in turmoil as Hyperliquid plunges over 17%, mirroring Bitcoins sharp decline below $82,000. The downturn has sent shockwaves across the sector, triggering panic selling and increasing volatility.
Bitcoins dramatic drop from $88,400 to sub-$82K has shaken investor confidence, dragging altcoins down with it. The broader sell-off is linked to Trumps reciprocal tariffs, aimed at boosting U.S. revenue and pushing for fairer global trade. However, these policies have ignited fears of a trade war, sending ripples across financial markets, including crypto.
Whale Injects $5M Into HYPE Despite Freefall
Despite the bearish sentiment, whale activity suggests strategic accumulation. According to Spot On Chain, in the past three hours, a major investor transferred $5 million USDC into Hyperliquid, scooping up 406,888 HYPE at $12.3 per token.
This move increased the whales total holdings to 700,214 HYPE (~$8.68 million), but with the price drop, the position now holds an unrealized loss of $1.05 million (-10.8%). Interestingly, the same whale has also placed sell orders for 170,234 HYPE at $16, signaling confidence in a potential rebound.
Bearish Pattern Signals Further Downside, Key Support at $11.29
Technically, HYPE is forming a descending triangle pattern, a structure typically associated with bearish continuation. This pattern indicates that selling pressure remains strong, potentially leading to further downside. Currently, support is holding at $11.29, a crucial level where buyers are attempting to defend the price. If this level breaks, it could signal further declines.
On the upside, resistance is positioned at $16, aligning with sell orders from large holders. This level presents a key hurdle for any potential recovery.
Meanwhile, the RSI hovers near oversold territory, hinting at a possible bounce. However, the presence of a bearish engulfing pattern suggests that the downtrend may not be over yet.
With Bitcoins volatility dictating market sentiment, the token remains vulnerable to further declines. However, if whales continue accumulating and BTC stabilizes, a recovery could be on the horizon. Traders are now closely watching the $11.29 support level to gauge the next big move.
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Read more: https://www.tronweekly.com/hype-crashes-17-as-bitcoin-drops-whale-moves-millions-amid-market-chaos/
Text source: TronWeekly
