Hyperliquid Plunges: Technical Rebound Targets $33 Amid Sharp Sell-Off

Hyperliquid just got liquidated. The asset's price took a nosedive, but charts are flashing a potential lifeline—a technical bounce that could propel it toward the $33 mark.

The Setup: Reading the Tape

This isn't about fundamentals or team promises. It's pure price action. The sharp sell-off created what technicians call an 'oversold' condition. That's when an asset falls so far, so fast, that a short-term reversal becomes statistically probable. The momentum indicators are screaming for a pause, or even a counter-trend rally.

The Target: $33 or Bust

All eyes are on that $33 level. It's not a random number; it represents a key historical resistance-turned-support zone that the price violated on the way down. In a classic technical playbook, these broken levels often become the first major hurdle on any recovery attempt. A clean break above it would signal the bounce has real legs. Fail there, and the bears regain full control.

The Caveat: Trading the Bounce, Not the Story

Let's be clear: a technical bounce is a trader's game, not an investor's thesis. It's a short-term play on market mechanics and exhausted selling pressure. It doesn't mean the underlying issues that caused the crash are solved. Chasing this requires tight stops and the emotional discipline of a poker player—because in crypto, the house always takes a cut, even on the rebounds. The only 'long-term hold' here might be the bag you're left holding if you mistime your exit.

HYPE Slips Below Critical $22.5 Level

Hyperliquid continues its downward trajectory, now trading below $22.5, putting a significant whale position under pressure. Onchain Lens indicates that the dominant whale, who was 5x long, is currently facing a float loss in excess of $22.5 million, with HYPE dropping below the $22.5 mark. The liquidation price for this position is close to $20.66.

Failure To Hold Raises Liquidation Risk

In terms of technical analysis, HYPE has also been indicating weakness for the past couple of weeks. On November 13, there was an obvious sell signal following the development of a head-and-shoulders formation that culminated in a descending price channel. This unfolded according to plan, with prices falling toward the target at $30 shortly thereafter.

Recently, HYPE has approached the lower boundary of this channel, opening the way for a possible short-term rebound. In addition, the daily RSI forms a bottoming pattern similar to that seen in mid-October, which had resulted in a strong rebound. On that occasion, the price increased by over 50%, even breaking through the 0.618 Fib level.

However, upside may meet stiff resistance. The 50-day MA on the daily chart has assumed the role of a ceiling, which will restrict the extent of any potential reversal. Although the 100-day MA tends to denote periods of a bear trend, the 50-day MA will likely provide the major resistance.

If this relief action continues, analysts expect $33 to be a possible target short term. However, a failure to hold current levels may continue to show pressure on HYPE and could trigger liquidation in heavily Leveraged trades.