HYPE experienced a sharp decline in a short period, and my short position has already gained 5%.

The entry logic for this trade is quite solid. First, a reversal occurred at the support and resistance level on the 8-hour chart, a key price level that typically acts as effective resistance. Second, the price performed a bearish retest of the 8-hour trendline. The coincidence of these two signals makes the entire trade setup more credible — both are the first retests of these key levels, and the timing is right.

When multiple technical indicators converge at the same point, the market usually responds noticeably. HYPE's recent performance perfectly confirms this.