May 29 HYPE Analysis

HYPE experienced a clear profit-taking after a sharp rise, with short-term correction signals prominently appearing. On the technical side, the 1-hour chart shows the price touching the upper band of the Bollinger Bands with strong resistance, forming a long upper shadow candlestick, indicating that the bullish momentum is quickly fading, and the price has fallen back to near the middle band of the Bollinger Bands. The short-term MA10 has turned downward to create resistance, the KDJ indicator shows a death cross at high levels, combined with increased selling volume, indicating a clear trend of capital fleeing.

Market net inflow of funds is negative, with strong willingness to realize high-position chips, and insufficient buying support. Meanwhile, overall sentiment in the crypto market is weakening, with Bitcoin's pullback suppressing small altcoins, and macro speculative funds becoming more cautious.

The medium-term moving average system remains upward, and the upward structure has not been fully broken, currently mainly a technical correction. The $62-63 range above is a strong resistance level, with limited rebound space; key supports are the middle band of the Bollinger Bands and the MA20. Once these supports are broken, the correction space will further open up, and trading should prioritize a bearish view on rebounds facing resistance.

Trading suggestion: $62-65 range, target $60-55-50, if broken, continue to look lower. $GT