Analyst Says He ‘Nibbled’ HYPE Below $34, Eyes $28 Area as Downtrend Persists
A pseudonymous analyst bought a small spot position in Hyperliquid's HYPE token below $34 and plans to increase it near $28 amid a market downtrend.Summary
A well-followed pseudonymous crypto analyst, known as Pentoshi, disclosed on X that he initiated a small, non-leveraged spot position in Hyperliquid's native token, HYPE, after it traded below $34, intending to scale into the position further. He plans to "load up" closer to $28 and "go hard" below $30, employing a scale-in strategy due to the token being within a broader downtrend characterized by lower highs and broken market structure.
The analyst is proceeding cautiously, keeping position size small, avoiding trying to time the exact bottom, and factoring in potential short-term sell pressure from an unstaking queue. He mentioned being recently 'burnt' on an ether trade that deviated from his rules, leading him to play defense with pre-set bids and minimal micromanagement for this HYPE position.
Hyperliquid is a decentralized exchange primarily for perpetual futures, and its HYPE token functions as governance and economic stake, linking trading activity and fees to its value. At the time of reporting, HYPE was trading around $36.32.
(Source：CoinDesk)