Multicoin Capital Moves $59.8M in HYPE Tokens to Coinbase Prime

Investment firm Multicoin Capital has deposited a significant amount of HYPE tokens into Coinbase Prime, according to blockchain data.

The firm moved 815,885 HYPE worth $59.8 million over the past ten days, with the price of HYPE currently trading at $82.69 on the 4h chart.

An analysis of the price action reveals that HYPE is holding above the EMA50 support level at $77.88, but testing the upper Bollinger Band resistance at $85.29.

The neutral RSI reading of 55.32 and MACD death cross at 1.57 suggest limited upside until a pullback to the lower band retests the bullish EMA structure.