Hyperliquid (HYPE) price has fallen below $85 on November 3, as technical selling, uncertainty surrounding a proposed U.S. trading platform and an upcoming token distribution have weighed on the cryptocurrency.
Summary
- Hyperliquid (HYPE) fell 2.37% to $83.53 on November 3, with trading volume reaching $1.10 billion.
- HYPE slipped below the $85.19 technical level as traders assessed the proposed ICE partnership and its regulatory requirements.
- A reported distribution of 180,000 HYPE tokens on November 6 has raised concerns about additional selling.
- CoinGlass data showed futures open interest declining 3.50% to $3.66 billion, despite higher trading volume.
- Analysts are watching support between $80 and $82.
According to crypto.news market data, HYPE traded at around $84 at the time of reporting, down 2.37% over 24 hours. The token traded between $82.54 and $86.86, with daily volume reaching $1.10 billion.
Despite the decline, HYPE remained 7.55% higher over seven days. Its monthly performance stood at negative 7.19%, following a rally that previously carried the token toward $90.
Hyperliquid price loses $85 support
Technical weakness has become an immediate concern after HYPE fell below the $85.19 level, which traders had identified as an important support area.
The breakdown followed several unsuccessful attempts to maintain the recent recovery. Selling subsequently brought the token closer to its $82 support region.
On the daily chart, HYPE traded below its nine-day moving average of $84.80, indicating weaker buying activity.
However, its 21-day moving average remained lower at $81.49, leaving the shorter average above the longer one.
The relationship suggests the previous upward trend has not completely reversed, although recent trading has weakened.
The Know Sure Thing indicator stood at negative 31.97, above its signal line of negative 74.85.
While both readings remained negative, their relative positions suggested that earlier downward momentum had moderated.
A recovery above $84.80 would put $85.19 back in focus, followed by resistance around $90.
ICE partnership
Hyperliquid’s price movement has coincided with renewed discussion surrounding Intercontinental Exchange’s proposed U.S. perpetual futures market.
On October 29, ICE, the parent company of the New York Stock Exchange, announced an agreement with Trade[XYZ] to develop a regulated trading platform using Hyperliquid infrastructure.
Following the announcement, HYPE rallied more than 17% to approximately $93.74.
However, ICE subsequently removed an earlier promotional post before publishing a revised announcement emphasizing regulatory requirements.
The official agreement remains in place, with the companies planning to seek approval for the proposed U.S. market.
The revised messaging clarified that the service would require identity checks, anti-money laundering procedures and access through regulated intermediaries.
As crypto.news previously explained, the proposed trading platform has not received final regulatory approval.
ICE and Trade[XYZ] have not announced a launch date or confirmed which contracts will become available first.
The distinction became important as traders reassessed expectations following HYPE’s earlier rally.
HYPE traders monitor November 6 token distribution
Another concern involves the upcoming Hyperliquid team-token distribution scheduled for November 6.
Reports indicate that around 180,000 HYPE tokens could enter circulation, with an estimated value of $15.72 million based on earlier pricing.
However, published vesting schedules contain larger theoretical allocations, and the actual distribution amount remains subject to confirmation.
Tokens entering circulation do not necessarily result in immediate selling, since recipients may retain, stake or transfer their allocations.
The market has previously responded to developments involving team-held tokens.
In October, Hyperliquid Labs completed the unstaking of 3.75 million HYPE associated with a private institutional transaction valued near $330 million.
Meanwhile, derivatives data showed traders reducing their exposure during the latest decline.
CoinGlass recorded futures trading volume rising 38.76% to $2.64 billion, while open interest fell 3.50% to $3.66 billion.
The open-interest-weighted funding rate remained positive at 0.0080%, suggesting long-position holders were still paying short-position holders.
Hyperliquid price prediction: could HYPE fall to $60?
Crypto analyst Ali Charts identified a potential head-and-shoulders pattern on HYPE’s 12-hour chart.
In his November 3 analysis, he asked, “IS HYPERLIQUID HEADING TO $60?”
The analyst said the proposed formation could indicate a 22% correction if HYPE records a sustained 12-hour close below its 76–78 neckline.
He identified $62 as an initial downside target, followed by $59. However, the pattern remains unconfirmed while price holds above the neckline.
A different outlook came from analyst Michaël van de Poppe, who recently projected a possible recovery beyond $100.
“HYPE remains to be targeting $100+ in the near future,” he wrote in his November 1 post.
Van de Poppe identified 80–84 as a potential buying region and projected 112–116 as a subsequent target.
His bullish projection contrasts with Ali’s conditional bearish setup.
Both scenarios depend on future price movements, with 80–82 providing nearby support and $85.19 remaining the first important recovery level.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
