Hyperliquid Price Drops and Approaches Support at $69

At the time of the initial analysis, the price of Hyperliquid (HYPE), a token of the digital asset trading platform, was $72.49. The source indicated a 17% decline over the week, although the exact time of calculation is not provided. Trading of HYPE began on November 10 on South Korean exchanges Upbit and Bithumb, but the listings did not change the described downward trend. Previously, the price fell below the range of 87–89.

Large HYPE Sales and Resumption of Withdrawals on Binance

On October 31, 2 major holders sold HYPE for $109 million. The transactions followed a change in the statement by Intercontinental Exchange (ICE), operator of the New York Stock Exchange, regarding plans in the perpetual futures sector. However, the source does not prove that the sales were the sole reason for the decline. On November 8, the cryptocurrency exchange Binance resumed HYPE withdrawals after restrictions imposed due to an October security incident.

Weekly Indicators Point to Weakening Demand

On the weekly chart, HYPE fell below the 50% Fibonacci retracement level and entered the 61.8% area, known as the "golden pocket." The Relative Strength Index (RSI) was at 51.07 and continued to decline, reflecting the weakening of the previous upward momentum. The On-Balance Volume (OBV) indicator was below the August-September highs, indicating difficulties for buyers in countering sales.

Immediate Support Levels for HYPE

On the daily chart, HYPE remained below the 23.6% Fibonacci retracement level and near the local low of $70.44. The daily RSI was 35.35, while the recent rise in OBV indicated some revival in buying activity, but did not confirm a reversal. According to the source's technical scenario, a drop below $70.44 could lead to a test of the $69.03 level. If the price holds above this mark, a recovery attempt is possible, and if it breaks, the next calculated level is $61.16. These benchmarks refer to the time of the initial analysis and are not confirmed future price values.