HYPE Token Withdrawal Sparks Selling Pressure Amid Coinbase Exit
A significant withdrawal of HYPE tokens from Coinbase has raised questions about distribution versus accumulation ahead of the next market leg. According to recent data, a fresh wallet withdrew 57K tokens worth $3.36M from the exchange, sparking immediate selling pressure on the asset.
The price of HYPE currently sits at $59.93, within its Bollinger Bands, with upper resistance at $60.87 and lower support at $55.79. Analysts note that the 50-EMA at $57.33 and 200-EMA at $58.64 both act as layered support, while the MACD registers a bullish golden cross at 0.9.
The RSI remains neutral at 65.54, suggesting any pullback toward the 50-EMA could attract dip buyers before continuation. Traders are now monitoring wallet flows alongside Bitcoin correlation for confirmation.