$HYPE rejected the $59.86–$60.32 zone after a sharp drop.HYPEUSDT SPOTBYBIT:HYPEUSDTcoinpediamarketsHYPEUSDT dropped sharply and is now backtesting the zone it broke down from — $59.86 to $60.32 — from below. This is the classic "broken support becomes resistance" retest. 📰 HYPE is down about 12.5% over the past 7 days, underperforming the wider market. Recent selling from a wallet linked to A16z has added to bearish sentiment, and broader risk-off conditions in altcoins have kept pressure on. No bullish catalyst has shown up to counter that yet. 📊 Bias: Bearish — the setup is a short on rejection, not a long on bounce. 🎯 Trade Levels: 📍 Entry Zone: $59.87 – $60.32 🛑 Stop Loss: $60.37 (+0.8% | cap risk at 1–2% of account, not more) 🎯 TP1: $58.84 (-1.7% | ~2.1:1 RR) 🎯 TP2: $57.37 (-4.2% | ~5.2:1 RR) 📐 Overall R:R: ~3.7:1 blended 🧠 Chart read: Price broke down impulsively through this zone, then is retracing back up into it — the origin of the move now acting as resistance. This only stays valid while price stays under $60.37. A clean break and hold above that level flips the read. 🛡️ Risk note: Retests into former support-turned-resistance often get one wick above the level before rejecting — don't panic-exit on a single spike through $60.37, but don't hold past your actual invalidation either. 📚 One thing worth knowing: "resistance holding" isn't proven until price actually turns — entering right at the zone before any rejection candle means you're guessing, not confirming. Waiting for the reaction costs a little entry price but removes a lot of the guesswork. Common mistake here: treating a shorter distance to target as lower risk. It isn't — size by the dollar amount you're risking, not by how the percentages look. Rejected here again, or does $60.37 finally break? 👇 #HYPE #Hyperliquid #CryptoTrading