#HYPE rebounded strongly from a local support level, but failed to hold the key level of $35. It did rally for a while, but was immediately pushed back into its original trading range after the breakout. This pattern basically indicates that the price will likely continue to decline until it reclaims $35. Currently, the price is clearly under pressure near the 200-day moving average, and its overall position is far below the moving average, further confirming the larger-scale downtrend. The most crucial factor going forward is whether the local support can hold. If it breaks, it may directly test the area around $28.