$HYPE This move also couldn’t escape the market-wide sell-off😥

Over the weekend, it fell all the way from around $73 to $60. The several rebounds along the way failed to change the pattern of lower highs

But I think there’s another detail about HYPE worth watching: early this morning, the price quickly broke below $62, hitting a low near $60 before rapidly bouncing back and leaving a pronounced long lower wick on the 4H candlestick

This shows that buyers did step in around $60

However, considering the previous price action, this lower wick isn’t enough to prove that the bulls have regained control

No protocol-level bad news has been found so far that can directly explain this drop. It seems more like a move alongside the broader market’s deleveraging; HYPE’s own open interest in futures contracts is also shrinking significantly, indicating that leveraged positions from earlier are being unwound

My view is that there’s room for a short-term recovery, but until it reclaims $70, bears remain in control overall

If it tests $60 again, I’ll be watching more closely to see whether genuine buying support emerges near the low