Hyperliquid (HYPE) is currently trading at $35.68, reflecting a modest 1.82% increase over the past 24 hours. The asset has experienced a daily range of 1.78%, with a high of $36.36 and a low of $34.58, indicating relatively stable price action within that timeframe.

The trading volume stands at approximately $301.2 million, with a volume-to-market cap ratio of 3.12%, suggesting a healthy level of market activity. However, HYPE's performance over the past week shows a decline of about 5.02%, and the 14-day price change is also negative at -4.58%, indicating recent bearish pressure.

In terms of moving averages, the short-term indicators are showing mixed signals, with the 8 SMA at $34.92 reflecting a 2.18% increase, while the longer 144 SMA is significantly lower at $32.96, reflecting an 8.26% increase. The 1-hour RSI is neutral at 51, and the 7-day RSI at 52 suggests that the asset is neither overbought nor oversold, but it is approaching the upper boundary of its recent price action.

Despite the recent downturn over the past month, with a price change of -26.06%, HYPE remains significantly below its all-time high of $59.3 achieved in September 2025. The current price level indicates a potential for recovery, especially if it can break above the 55 SMA at $34.30, which has shown the highest percentage increase among the moving averages.

Given the current market dynamics, including the volume, moving averages, and RSI indicators, a cautious stance is warranted. The overall technical indicators suggest a potential for a short-term rebound, but the longer-term bearish trend over the past month cannot be ignored.

Rating: Hold. While there is potential for a short-term upside given the price stabilization around current levels, the overall negative trend over the longer term suggests that investors should wait for clearer bullish signals before making new commitments.