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Today the overall market dropped hard—$HYPE actually still managed to pull up a wave against the trend.
But the pressure at the 47 level is really not small… Don’t be fooled by a16z constantly going on a buying spree; the risk is actually quite obvious.
From April 14 to now, they’ve already swept 2.11 million coins, smashing in more than 90 million USD. But it’s probably just a case of left hand buying and right hand selling, using market making to have retail investors take the bag.
Even though the daily chart has rebounded, there are a whole lot of trapped positions above, and the bigger trend is still on the weak side. At this price, rushing in really isn’t great on value.
If one day the institutions stop buying, it’ll likely get dumped straight down—risk is far greater than opportunity. I personally don’t recommend chasing at high levels; now is the right time to stay in cash and observe.