Going forward, I will provide regular technical analysis on HYPE's price action to the benefit of the @HyperliquidX community. Hit follow @DU09BTC if you are a HYPE maxi. My unbiased takes will reflect market conditions, not your bag condition. Here is today's update: ▫️ Bias: bearish (short to medium term) ▫️ Key resistance: $40, $46 (ATH) ▫️ Key support: $36, $34, $28 TLDR: HYPE is experiencing price exhaustion with clear bearish signals in the short to medium term. While the long-term outlook remains bullish, a correction or significant pullback is likely now. Why? ▫️ Massive bearish divergence on daily RSI ▫️ Bearish divergence on daily MACD ▫️ Bearish cross on daily MACD today What is a bearish divergence? When the price makes higher highs, while momentum indicators like RSI or MACD make lower highs. This is an early sign a reversal is likely. While the fundamentals of HYPE are strong, the price never goes up only and it is due for a correction. 🚨 My bearish bias will be confirmed as soon as HYPE breaks its current uptrend that held strong since early April. That means a price under $39. Once the breakdown happens, wait until a bottom forms. Key support levels are found at $36, $34, or $28. If I were to guess, a bottom around $30 or lower is likely. If you're looking for HYPE exposure, wait for this correction to mature before you deploy your cash. HYPE remains one of the best alpha plays of the past six months. Getting exposure to it is sensible, but aim to buy discounts to maximize returns. Do not FOMO. Once the bottom is in, HYPE will be quick to recover. That will be compounded further by any rally by BTC or Ethereum. 🔥 A three-digit price is likely long term, like $100. However, HYPE is already at over $40 billion fully diluted market cap. This is now acting as a break on any sustained appreciation and will be further eroded by new tokens entering circulation since only 33% are circulating today. The point of the last two paragraphs is to say that HYPE already experienced the most aggressive price appreciation by going from $2 to $46 in six months. A 2x to 3x price appreciation remains likely from here or even more if you get in under $30 later. A 10x is near impossible now because HYPE would flip Ethereum in such a case. That won't happen. This is to keep you grounded in reality, rather than in hopium. 🎯 Drop a comment if you agree or disagree. Then hit follow @DU09BTC and share this thread to spread awareness. The above is not financial advice and is provided for educational purposes. If you like this analysis you'll also love my newsletter. Check it out in my bio link.