Coinbase's Hyperliquid Partnership Triggers Bearish Sentiment

Coinbase's recent partnership with Hyperliquid has sparked interest in the crypto market, particularly with the activation of USDC treasury addresses. The development marks a strategic move by Coinbase, expanding its role in ecosystem developments and potentially impacting liquidity and sentiment.

However, traders remain cautious due to bearish momentum and limited rebound odds. According to technical analysis, the stock price is trading below major moving averages, including MA-20, MA-50, and MA-200, indicating persistent short-, medium-, and long-term downside pressure.

The Ichimoku Kijun level at $185.16 serves as immediate resistance, while oversold signals from various technical indicators, such as RSI, CCI, and Stoch RSI, suggest the market is stretched to the downside. This reinforces the bearish view and highlights the dominance of sellers in the current market.