Multicoin Capital Shifts $5.6M in HYPE Between Exchanges
Multicoin Capital has made significant moves in the HYPE market. The investment firm transferred 101.34K HYPE (~$5.60M) to Coinbase, following a substantial influx of funds from Hyperliquid. After waiting seven days for unstaking, Multicoin received 1.29M HYPE (~$71.1M), which they promptly sent to the popular cryptocurrency exchange.
The recent price activity in HYPE has been bearish, with the asset's price testing inside Bollinger Bands at $55.72. The upper resistance is at $61.28, while the EMA50 and EMA200 act as strong resistance layers above. Furthermore, the MACD death cross reinforces this trend structure, with an RSI of 36.88 indicating room for further downside.
This bearish trend has led to concerns about HYPE's price prediction. While no specific target is mentioned in the report, the current market conditions suggest a potential drop towards lower support at $54.12 before any reversal.