HYPE’s price skyrocketed with the arrival of crypto whale 0x38fd, who made a profit of $249K by liquidating a long position, with a rapid increase in their trading tactic. In the past two hours, they entered a long position with massive leverage of 10x, buying 321,484 HYPE tokens worth $7.9 million.

Source: Lookonchain

With such an aggressive action, the whale’s bet is a demonstration of his confidence in the growth of the $HYPE token despite the risks posed by leverage. It is possible that such a big transaction may cause market volatility. Crypto enthusiasts will be waiting to see what the whale will do next after such an aggressive action.

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HYPE Eyes Reversal After Breaking Key EMA and Bands

The current market price is seen close to or slightly higher than the 20-period EMA (green), which confirms a positive market trend. Based on the candlestick pattern, the breakout beyond the resistance level identified by the upper Bollinger Band indicates positive market sentiment. There is a strong positive movement in the market, if trend gains strength.

Source: TradingView

From the chart, the relationship between the price and various key indicators is clearly visible. As the trend is slightly bullish, the price has broken beyond many significant levels. Currently, the price is testing the resistance levels, and based on whether the levels are broken or held, further price escalation may happen.

Momentum Indicators Hint at a Growing Bullish Strength

Even momentum indicators also convey a similar view. The Relative Strength Index (RSI) is at 57.14, which portrays a moderately positive position. Since the RSI value is above 50, it indicates a rise in momentum. The yellow line represents the 14-day average, which portrays an increase in upward momentum.

Source: TradingView

In the MACD section, the blue line of MACD is above the orange line. It shows a positive signal. In the histogram section, the green bars are rising. They show the difference between the blue and orange lines. They show a positive signal because of rising green bars. The RSI and MACD indicators show positive short-term trends for the token.

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