Hyperliquid (HYPE) is currently trading at $28.84, reflecting a slight decline of 1.71% over the past 24 hours. The daily price range has been relatively narrow, with a high of $30.70 and a low of $28.89, indicating limited volatility.

The trading volume stands at 321,100,663, representing 4.08% of the market cap, suggesting a moderate level of market activity. The hourly and daily moving averages indicate a bearish trend, with all short-term SMAs (8, 13, 21, and 55) trading below the longer-term average (144 SMA), which is at $32.14.

Technical indicators reveal that the 1-hour RSI is at 34, indicating oversold conditions, while the 7-day RSI at 43 suggests a lack of strong upward momentum. Additionally, HYPE has experienced significant price declines over the 14-day (-9.00%) and 30-day (-29.16%) periods, reinforcing bearish sentiment.

The asset's all-time high of $59.30, achieved on September 18, 2025, shows that HYPE has considerable room for recovery but also highlights a substantial distance from its current price level. The persistent downtrend, coupled with negative price changes, indicates that the market sentiment is weak.

Given the current technical indicators and the significant price decline over multiple time frames, HYPE is currently in a bearish phase. Therefore, the recommendation is to Hold; this allows for potential recovery if market conditions improve, while avoiding new positions until clear signs of a trend reversal emerge.