INSUBCONTINENT EXCLUSIVE:
Key point:Nasdaq-listed biotech company Sonnet BioTherapeutics said on Monday that it had formed a business combination with a newly created
aims to hold 12.6 million HYPE tokens and $305 million in cash
The cash will be used to acquire more HYPE tokens in the future.Could HYPE rally after the formation of the HYPE digital asset treasury?
have not ceded much ground to the bears.HYPE/USDT daily chart
Source: Cointelegraph/TradingViewThe upsloping moving averages and the relative strength index (RSI) near the overbought territory indicate
If the price rebounds off $45.80, it suggests the bulls have flipped the level into support
That enhances the prospects of a break above $50
The HYPE/USDT pair may then ascend to $60.Sellers will have to yank the price below the 20-day exponential moving average (EMA) ($42.93) to
weaken the bullish momentum
The pair could signal a short-term top if the price skids below the 50-day simple moving average SMA ($38.86).Related: Ethereum open
interest hits all-time high as trader predicts $30K price topHYPE/USDT 4-hour chart
Source: Cointelegraph/TradingViewThe pair is witnessing a tough battle between the bulls and the bears near the 20-EMA on the 4-hour chart
The flattening 20-day EMA and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears in the near
term.Buyers will have to drive the price above $50 to seize control
The pair may then climb to $60
The short-term trend will tilt in favor of the bears if they sink the pair below the 50-day SMA
That could deepen the correction to $41.This article does not contain investment advice or recommendations
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
