Multicoin Capital Shifts HYPE Holdings Amid Market Volatility
Investment firm Multicoin Capital has made significant moves in the HYPE market. At the end of July, they unstaked 1.97 million tokens, and have since redirected 810,000 of these tokens to Coinbase Prime at an average price of $68. This move comes after their initial purchase of 3.4 million HYPE tokens through Galaxy Digital earlier this year at approximately $33.
Currently, the price of HYPE is testing its upper Bollinger resistance level at $85.29, while the MACD has printed a death cross. As a result, a healthy retracement towards the EMA50 support level at $77.88 appears likely before any potential continuation higher in the still-bullish structure defined by the EMA200 at $66.99.