HYPE is trading at $54.88, with a support level holding. Bitwise purchased $1.52 million worth of the token. That purchase, combined with shrinking exchange supply, could push HYPE toward $57.21. A break below support would likely send it to $51.20.
Bitwise's $1.52M Buy
Bitwise bought $1.52 million worth of HYPE. The purchase adds to the token's accumulation, one of two factors that could drive the price higher. The exact timing of the buy wasn't disclosed, but the move comes as HYPE holds above a key support level.
Support at $54.88 Holds
The $54.88 level has held so far, keeping HYPE from falling further. This support has been tested and is holding. If it breaks, the next target is $51.20.
Two Possible Targets
If the current momentum continues, HYPE could test $57.21. On the downside, a break below $54.88 would open the door to $51.20. The two levels represent the immediate upside and downside scenarios.
What Could Push It Higher
Bitwise's accumulation and shrinking exchange supply are the two factors that could push HYPE toward $57.21. The purchase by Bitwise is one factor, and the shrinking supply on exchanges is another. Fewer tokens available for trading can create upward pressure on price.
Traders will be watching whether HYPE can hold above $54.88 in the coming sessions. A break below that level would likely trigger a move to $51.20, while a sustained hold could set up a test of $57.21.
