Friends, look here! The $HYPE market may be about to reverse. Just now, a seasoned on-chain trader suddenly adjusted their position—what does this mean behind the scenes? Is it bullish or bearish? Let me break down the real intention behind this bullish candlestick of HYPE using data and candlestick analysis.

From on-chain data, this trader's recent actions are quite interesting. They cleared most of their altcoin short positions, added to their HYPE spot holdings, and set up hedge shorts. Currently, their total position has reached $7.8 million. This guy is known as a "contrarian indicator" in the crypto circle, with a cumulative historical return of over $80 million. This combination of moves can only mean one thing—HYPE might see increased volatility in the short term. Usually, such signals indicate a potential trend reversal.

The technical analysis also provides valuable insights. Looking at the 1-hour chart, HYPE is still deep within a downtrend channel, with resistance at 25.7 and 25.1. Especially that 25.1 level—it's an important resistance for a pullback. If it can't break through, it could easily turn downward again. Support levels are forming one after another: first at 24.7, then at 24.2, with the last line around 23.8. Although the MACD's yellow and white lines have crossed the zero axis, they quickly shifted from a golden cross to a death cross, a typical "rebound exhaustion" signal, so caution is needed for the next dip.

Overall, HYPE is likely to continue testing lower today, depending on whether it can hold the 24.7 line. If it can't, it may head down to 23.8. But don't be completely pessimistic—if volume suddenly surges and breaks through the 25.1 ceiling, it could quickly push toward 25.7. However, considering this on-chain whale's hedge positioning and the MACD death cross signal, the downside risk should be more carefully watched.