$HYPE ANALYSIS🔽

Price recently dropped over -20% in just a couple of hours. A rejection wick has formed in the 1D chart (purple zone).

BUT, we’ve seen this happen before. On February 25, a similar rejection wick led to a short term bounce, but eventually the price came back down to revisit the wick.

Right now, we could see the same scenario play out: a small bounce from here, but eventually, price is likely to revisit the wick again.

This view is also supported by price forming consistent lower lows since its ATH in December.

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