HYPE's recent rebound momentum has lost its effectiveness. From the K-line pattern, a typical bearish engulfing pattern has appeared, with obvious short pressure from above. The key issue is the trading volume in this wave has turned down, with large orders continuously dumping, showing clear signs of chip flight.

In the short term, the support level is around $23.5. If this price level cannot hold back the downward probing forces, there may be further support to find below. Of course, the prerequisite is whether the trading volume can maintain this selling pressure rhythm. The question now is—are you still holding? The direction of this market move should become clear over the next two to three K-lines.