HYPEUSDT | 8hWe're seeing a short-term distribution forming on the daily chart.
Price has now tested the supply zone around $42 three times and is struggling to break through.
There's local demand in the $34.5–$34 area, where I expect a reaction, in confluent with vwap. However, if price keeps getting rejected at $37–38, a move back to $30 is likely.
A break below $30 opens the door for a deeper drop toward $27–24, which is a higher timeframe demand zone.
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