The cryptocurrency HYPE, operating on the Hyperliquid platform, is facing challenging times, but major investors are starting to take an interest in the asset.
Whales' Interest in HYPE
Despite the current challenges, major investors known as 'whales' have begun to show activity regarding HYPE. According to recent data from analyst Onchain Lens, one whale deposited $10 million in USDC into the Hyperliquid platform. This trader then placed Time-Weighted Average Price (TWAP) orders to purchase HYPE tokens, indicating a return of large and long-term investors to the HYPE market.
HYPE's Decline and Its Implications
After several weeks of growth, HYPE is now demonstrating a reversal. The current price is $34.85, down 7.1% from yesterday and 17.3% over the past week. Analyst Trade Tim has noted that HYPE's price is within a key demand zone, attracting the attention of investors.
HYPE's Prospects Amid Correction
The current price movements around $34 have begun to attract the interest of whales, yet analyst Tim identifies the $30.5 and $28.7 areas as potential zones of significant interest from investors. These levels served as a base before HYPE's recent rise. According to technical analysis, if HYPE's price can decline to these levels, it may lead to a price reversal. Additionally, HYPE is forming a diamond bottom pattern, which could precede a bullish breakout in the future.
Thus, despite the current downturn, the activity of significant investors regarding HYPE may indicate potential opportunities for future growth. The market is attentive to key price levels that could influence the further dynamics of HYPE's price.
