Hyperliquid (HYPE) is currently trading at $31.27, reflecting a 24-hour decline of 7.08%. The daily price range has fluctuated between $30.64 and $33.88, indicating volatility, with a volume of 309,045,173 and a volume-to-market cap ratio of 3.65%.

Technical indicators show bearish momentum, with all key moving averages (SMA) trending downward. The 8 SMA is at $31.70 (-1.36%), while the 144 SMA is higher at $33.03 (-5.33%), suggesting that the price is below short and long-term averages, reinforcing the downtrend.

The RSI metrics highlight a concerning picture; the 1-hour RSI is at an extreme low of 20, indicating oversold conditions, while the 7-day RSI sits at 45, suggesting a neutral stance but approaching oversold territory. The recent price changes over 7, 14, and 30 days are all negative, with declines of 9.53%, 6.77%, and 23.68%, respectively, indicating persistent bearish pressure.

With the current price well below the all-time high of $59.30, achieved in September 2025, HYPE faces significant resistance to recover. The combination of declining RSI values and bearish moving averages suggests that unless there is a substantial catalyst, the price is likely to remain under pressure.

Given the current technical indicators, negative momentum, and lack of bullish signals, the recommendation is to Hold HYPE. This strategy allows for observation of potential reversals while minimizing exposure during this downtrend phase.