Hyperliquid’s HYPE has dropped 17% over the past week and was trading at $72.49 as of writing, with sellers continuing to dictate market direction. Despite listings on South Korea’s Upbit and Bithumb on 10 November, the token struggled to regain ground after falling below $87-$89.
Selling pressure has risen from several directions. On 31 October, two large HYPE holders sold $109 million in tokens after Intercontinental Exchange released a more relaxed regulatory statement about perpetual futures. On 8 November, Binance reopened HYPE withdrawals, giving holders access to their tokens again after the exchange’s October security breach.
Weekly chart puts $69 in focus
On the weekly chart, HYPE broke below the 50% Fibonacci level and moved into the 61.8% retracement zone, placing it in the golden pocket. The weekly RSI stood at 51.07 and continued to trend lower, suggesting the bullish momentum seen in previous months was fading. OBV had also declined from its August-September highs, showing the difficulty buyers faced in matching the volume behind recent selling.
Daily momentum remains weak
The daily chart offered little evidence of a reversal. HYPE remained below the 23.6% Fibonacci retracement and hovered close to its recent swing low at $70.44. A daily RSI of 35.35 pointed to continued bearish momentum. OBV’s recent uptick suggested buyers’ interest had peaked, but sustained buying would be needed for any meaningful recovery.
Key levels to watch
A break below $70.44 could shift attention toward the weekly $69.03 retracement. If buyers defend this area, some relief could be seen, potentially giving HYPE room to attempt a recovery. If the support gives way, the next downside target sits at the weekly Fibonacci level of $61.16.
HYPE’s weekly and daily charts show weakening momentum, with sellers continuing to hold the upper hand. The $69.03 Fibonacci level is the next major support to watch. A successful defence could open the door to a recovery attempt, while a breakdown risks further losses toward $61.16.
