The decline in HYPE price also comes after Arthur Hayes disclosed that he had sold his HYPE and NEAR holdings, amid a broader crypto market retracement that has seen BTC, ETH, and other strong-performing altcoins post substantial losses. At press time, HYPE is trading at $67.41, with a decrease of 9.52% over the past 24 hours.
Arthur Hayes Takes Profit on HYPE
On X, the co-founder of the cryptocurrency exchange BitMEX stated that he sold both his HYPE and NEAR tokens and would be providing a detailed rationale in a soon-to-be-published essay called “Reality Test.“
He cited several reasons for his selling, primarily related to macroeconomic forces, such as rising energy prices driven by geopolitical tensions; the upcoming IPO of companies related to Artificial Intelligence (AI); as well as anticipated changes in U.S. Government policy regarding cryptocurrency.
Although he has sold his holdings, he indicated that he still believed that the market could reach its peak again between now and September.
Also Read: Bitwise Buys $20M HYPE, Bringing Weekly Total to $41.8M
What does the HYPE Price Chart tell us?
The HYPE daily chart on TradingView shows an initial strong rally, and significant profit-taking occurred at the $75 area. The token fell to approximately $67 after Hayes’ comments and a weakness in the overall market.
Nevertheless, the HYPE price is still above the 50-day and 200-day moving averages, indicating that there is still a long-term uptrend present. In addition, the RSI has pulled back from overbought territory and indicates that the momentum from weeks of gains is starting to slow.
Also Read: HYPE Price Targets $80 as Grayscale Launches Hyperliquid Staking ETF
What will happen to HYPE next?
The most recent correction has affected market sentiment; however, HYPE is one of the best-performing tokens so far in the crypto space this year.
Now, the market is watching to determine if the HYPE can hold support above $60 while waiting for additional news from Hayes regarding his upcoming market outlook.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Grayscale’s Hyperliquid ETF Nears Launch With 0.29% Fee
