HYPE price has experienced a cooling off period after being rejected near the $89 mark in early September, dropping down to around $78. However, this pullback is not causing too much concern as buyers are still accumulating the cryptocurrency. In fact, one particular whale has been consistently adding to their HYPE holdings almost every day.
Wallet 0x3305 has been on a buying spree over the past 15 days, acquiring a total of 358,609 HYPE tokens, which amounts to approximately $28.8 million. This significant accumulation by the whale indicates a strong belief in the potential of HYPE, even as its price remains below its recent high.
The continuous buying activity by wallet 0x3305 suggests that the recent decline in HYPE price is more of a temporary cooldown rather than a reversal in trend. The fact that the whale has been consistently purchasing HYPE over an extended period adds further weight to this interpretation.
While accumulation alone does not guarantee a price rally, it does suggest a bullish sentiment in the market. Ultimately, it will be the price action that determines whether the current setup will lead to another upward move for HYPE.
The immediate level to watch now is $90. If HYPE price manages to break through this resistance, the next target could be $100. Reclaiming this level would signal a potential continuation of the uptrend and could confirm that the recent pullback was just a brief pause before further gains.
On the flip side, if selling pressure intensifies and HYPE price drops below $76, it could signal a weakening of the bullish structure and pave the way for a potential decline toward the $60 support zone. For now, traders will be closely watching these key levels of $90 and $76 to gauge the direction of HYPE’s price movement.
In conclusion, while the price action will ultimately determine the fate of HYPE, the ongoing accumulation by the whale remains a significant factor to consider. With $28.8 million worth of HYPE added to their wallet, this whale’s buying spree adds an intriguing element to the current market dynamics.