HYPE Falls Below $85 Amid Partnership with ICE and Token Distribution

On November 3, the price of Hyperliquid (HYPE) fell below $85: the token decreased by 2.37% to $83.53 with a daily volume of $1.1 billion. According to crypto news, at the time of publication, HYPE was trading around $84 in the range of 82.54–86.86. Over seven days, the token gained 7.55%, but lost 7.19% over the month after a rise that previously brought it close to $90.

Technical Overview

Immediately after breaking $85.19 – a level traders considered important support – technical weakness came to the forefront. The break occurred after several unsuccessful attempts to maintain recovery, and selling pushed the price to the support zone of $82. On the daily chart, HYPE is trading below the nine-day moving average of $84.80, indicating weakened buying, but above the 21-day average of $81.49. The KST indicator at -31.97 is above the signal line at -74.85: both values are negative, but their ratio indicates a weakening downward momentum. A return above $84.80 will bring $85.19 back into focus, followed by resistance around $90. The nearest support is 80–82.

ICE and Token Distribution

On October 29, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, announced an agreement with Trade[XYZ] to develop a regulated platform on Hyperliquid's infrastructure. Following the announcement, HYPE rose by more than 17% to approximately $93.74. ICE then removed the previous promo post and issued a revised message emphasizing regulatory requirements: identity verification, anti-money laundering procedures, and access through regulated intermediaries. The agreement remains in effect, and the companies plan to obtain approval for the U.S. market, but final regulatory approval, launch date, and confirmed contract list are still pending.

The second pressure factor is the distribution of team tokens on November 6: approximately 180,000 HYPE may enter circulation, which at previous prices is about $15.72 million. The exact distribution amount is not yet confirmed, and the entry of tokens into circulation does not mean immediate sale. In October, Hyperliquid Labs completed the unlocking of 3.75 million HYPE as part of a private institutional deal worth approximately $330 million.

Derivatives

According to CoinGlass, futures volume increased by 38.76% to $2.64 billion, while open interest decreased by 3.50% to $3.66 billion: traders were reducing positions. The funding rate, weighted by open interest, remained positive at 0.0080% – long position holders are paying shorts.

Analyst Forecasts

Ali Charts saw a potential 'head and shoulders' pattern on the 12-hour chart. According to his assessment, a sustained close below the neckline of 76–78 could indicate a 22% correction with targets of $62 and then $59; as long as the price holds above the neckline, the pattern is not confirmed. Conversely, Michaël van de Poppe expects a recovery above $100: he identifies the 80–84 zone as a buying area, with the next target being 112–116.