HYPE, people have started bottom-fishing in the past couple of days. I think this level is worth discussing.

Now at 64u, it has dropped significantly from the high of 76u on June 16. The main pressure is from the unlock next month. On July 6, another 630 million USD worth of tokens will be released. The team and early contributors' share is released every month, nothing new.

Many people run as soon as they hear about the unlock, but this project's fee income is quite strong. It earned 56 million USD in the past month, and most of the income is used for buybacks and burns. You don't see many coins backed by real money like this.

The market has known about the unlock for a long time. With the public schedule, part of the impact has already been priced in. It doesn't necessarily mean a crash just because of the unlock.

At this level, support is between 58u and 60u below, and resistance is at the high of 76.65u above.

If it can stabilize around the unlock, it means the market has absorbed the supply, and there might be a chance to push higher later.

If it breaks below 58u, it means selling pressure is greater than expected, and we might see 50u.

In the short term, watch whether 58u holds. In the long term, it depends on whether it can keep generating this much profit.

$HYPE

‍#HYPE