$HYPE (1-D): Distribution phase/dead cat bounce?Hyperliquid/TetherGATE:HYPEUSDTColdBloodedCharterDecentralized crypto exchanges remain one of my highest-conviction themes for the next bull market. That's why, besides ASTER, I'm also watching HYPE closely. HYPE - Daily June produced two all-time highs. The second peak came with weakening momentum, leaving a bearish RSI divergence and forming a Rising Wedge. There was even an attempt to break down from the pattern (the measured target around $25+ isn't particularly important), but the 50-day moving average once again acted as support. However, the time between each touch of the 50 MA keeps getting shorter, suggesting that this support is gradually weakening. The Elliott Wave structure also looks exhausted: five clear waves within the fifth wave of a higher-degree impulse. That makes the current lower high (this idea becomes invalid above roughly $77-79) a potential dead cat bounce, or wave B. If that's the case, possible downside targets would be around $53.7, or even $42.3, with the 200-day moving average sitting near $40.6 as another key support level. Trading volume has been declining since mid-May, which could make another push to fresh all-time highs difficult despite the platform's outstanding fundamentals. Hyperliquid is generating roughly $80 million in monthly fees, putting it close to $1 billion in annualized revenue. That said, the project already carries a market capitalization of around $14 billion. At some point, every major uptrend enters a distribution phase, and in my opinion, that may be what's starting to develop here. Once again, this distribution thesis becomes invalid if buyers step in with a strong breakout candle to new all-time highs. 💙👽