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$1M Flows Into Hyperliquid Even As HYPE Slips: What Can Bulls Do?
In a sudden turn of events, a staggering $1 million has flowed into HyperLiquid, despite a sharp decline in sentiment and massive long liquidations exceeding $900,000. The recent price action, however, paints a complex picture that raises more questions than answers.
Firstly, the $1M buy-in, which emerged amidst plummeting sentiment and aggressive long liquidations, defies expectations at best. With HYPE trading near $38.2 after plunging 6% in just 24 hours, the move comes as a surprise given the overall bearish tone surrounding it.
The recent developments could be seen as a contrarian play by investors seeking to capitalize on the current market turbulence. The fact that sentiment has collapsed to its lowest level in over two months might be interpreted as an emotional bottom for HYPE’s price action. If this is indeed the case, it could lead to a recovery or even a full-fledged rebound.
A crucial point worth noting is the positioning of shorts above $40. This cluster of short liquidation offers a setup that, if bulls can manage to reclaim this critical zone, might trigger an explosive short squeeze. The current price action does not appear to be favoring bears as it has broken down from its ascending channel support, which was previously seen as a source of strength.
For traders considering entering the fray, the current landscape offers both risks and opportunities. While it is essential for bulls to reclaim the critical $40 zone quickly to invalidate the bearish pattern unfolding, failure to do so could further exacerbate the situation.
Source: ambcrypto.com
