Three Things to Know A Hyperliquid wallet holding about $101 million in longs climbed back from the edge of liquidation into profit. HYPE still trades above both its 50-day and 200-day averag
A large Hyperliquid trader came close to a forced exit this week and then recovered. On-chain data showed the wallet's leveraged longs in Bitcoin, Ether, HYPE and ZEC swinging back into unrealized profit by Nov. 4.
The episode puts leverage on the platform back in focus for HYPE holders. The token has recovered part of a weak month, and buyers lead a young trend. Traders now want to know if that support can hold through the next liquidation wave.
The address, beginning 0xf08, held long positions across Bitcoin (BTC), Ether (ETH), HYPE and ZEC. On-chain data showed the wallet trading close to its liquidation level as prices swung earlier in the week.
The book then turned around. By Nov. 4, the positions showed about $4.058 million in unrealized profit. The daily profit-and-loss swing topped $5.78 million that day. That is a sharp reversal for a trader near a forced exit.
Bitcoin did most of the work. The BTC long added about $1.754 million to the gain. ZEC came second with roughly $1.245 million, while the ETH and HYPE legs contributed smaller amounts.
None of that profit is locked in. The wallet has not closed its positions, so a fresh drop could erase the gain just as quickly. Still, the episode shows that traders on Hyperliquid remain willing to run large leveraged bets.
Hyperliquid (HYPE) daily price with the nearest support (green) and resistance (red). Source: TradingView
HYPE traded near $83.40 at last check, flat over the past 24 hours. The token has slipped about 11% in a month, yet its chart looks healthier than that loss suggests.
The 50-day moving average, which tracks the average closing price over roughly ten weeks, sits near $82.90. HYPE trades just above it. That cushion is thin, about half a dollar, but it keeps the short-term trend pointing up. As long as price holds there, the average tends to act as a floor for buyers.
The 200-day average sits near $69.40, far below the current price. That gap means the broader uptrend that carried HYPE through the year remains intact. Sellers would need a much deeper drop to threaten it.
Recent trading has repaired some of the monthly damage. HYPE rose about 3% this week, a modest gain that shows buyers stepping in after the pullback.
The flat daily session fits that picture. Price is pausing rather than breaking down, which often happens when a market digests a move before choosing a direction. Like the 0xf08 wallet's book, HYPE has stepped back from a weaker spot without fully proving itself yet.
RSI, a 0 to 100 gauge of momentum, sits at 50 on the daily chart. That reading is dead center. Buyers and sellers are evenly matched, and the token is far from overheated.
Other gauges lean toward buyers. The MACD, which compares short and longer price averages to track momentum, has crossed above its signal line. That shift means upward momentum is building after the monthly slide.
Trend-strength readings tell a similar story with a caveat. A trend is forming, and buyers are leading it. It has not yet reached the strength of a firmly established move, though.
That mix supports a bullish bias without confirming it. HYPE still needs follow-through to turn a recovery into a real advance.
Nearest support sits near $81, just below the 50-day line. The two levels form a single defensive zone for buyers. Closing a session under that level would push HYPE beneath its short-term average and flip that trend down.
Losing that floor would open the way toward $76. That deeper level marks the bigger risk. Hyperliquid traders run heavy leverage, as the 0xf08 wallet shows, and a slide could force longs to unwind. Forced selling tends to speed up drops once a key level gives way.
The upside has its own test. Resistance stands near $88, and it is the first real check on the bullish bias.
A clean break above it would put the next ceiling near $95 in view and turn the recovery into a confirmed advance. Until then, HYPE trades in a band between those two nearby lines.
The next three sessions should decide which edge of that band gives way first.
The bias stays bullish as long as HYPE holds the floor just under its 50-day line. Momentum favors buyers, and the longer trend still points up.
Still, the margin for error is small. Leveraged books like the 0xf08 wallet's can unwind in hours. A fast wave of liquidations could drag price through support before buyers have time to respond.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
