Multicoin Unloads $21.7M HYPE on Coinbase Prime Amid Bullish Technicals

Multicoin Capital has deposited $21.7 million worth of HYPE tokens to Coinbase Prime, marking the third significant transfer in just over a week.

This latest transaction adds to an existing pattern that totals 815,885 HYPE tokens or $59.8 million and follows a 10-day trend of similar large-scale transfers by Multicoin Capital.

The price action on the 4-hour chart for HYPE shows a bullish structure above key moving averages at $81.08 and $70.37 while remaining within Bollinger Bands, indicating that the price is being pushed against resistance.

Technical indicators point to near-term consolidation before any potential test of lower support at $80.72, suggesting that traders may see some short-term volatility in HYPE's price action.