HYPE surges 108% behind a big trap! On-chain data reveals the truth, players need to be careful!$HYPE ‌

Brothers, HYPE went straight from $21 to $45 this round, it does look pretty exciting, right? But if you look closely at the on-chain data, the water is deep—prices really went up, but the buying volume is completely fake!
News analysis
HYPE rebounded 108% from this year's lowest point, which is indeed a nice figure. But spot CVD dropped directly to -$41.48 million, what does that mean? It indicates that this rally wasn’t driven by real money, it’s all passive demand holding it up. Futures CVD is even more funny, sitting there motionless for a whole month, although open interest is quite high, it’s clear no one dares to chase the rally anymore.
Arthur Hayes is shouting $150, I think this guy is just making big promises. Some analysts warn that once the bulls can’t hold up, the risk of liquidation cascades is no joke.
My view: The news looks strong, but in reality, it’s just external strength with internal weakness, pumping the market with no follow-through, clearly just a trap to lure more buyers!
Technical analysis
The price hit the 45.5 resistance level and was immediately pushed back, now hovering around 43.9. The upper Bollinger Band at 45.5 is tightly constraining it, and the midline at 42.5 is the short-term lifeline. The MACD death cross is still ongoing, the DIF line has crossed below the DEA line, and the red histogram bars are not shrinking at all. All three RSI lines are turning downward, and trading volume continues to shrink.
My view: The technicals are clearly bearish, the rebound has no strength, and it can’t break through 45.5, definitely a double-top pattern!
Trading strategy
Open a short position at 43.5, targeting 42-40. For more conservative traders, wait for a volume breakout below 43 before chasing the short. You can decide the exact entry point yourself.
Personal opinion
This rebound is basically just short covering and passive buying pushing it up, not any active attack. The selling pressure above $45 is obvious, and it’s unlikely to hold even at 43 next, be careful of a quick turn to 40 or even lower.
What do you think HYPE will do next? Continue to fall or is there a chance for a rebound?#Gate广场四月发帖挑战