Hyperliquid (HYPE) is currently priced at $28.66, reflecting a 24-hour decline of 3.37%. The trading activity has seen a daily range of 1.16% with a volume of approximately 80.69 million, indicating moderate interest compared to its market cap, with a volume-to-market cap ratio of 1.18%.

The short-term moving averages show a bearish trend, with the 8 SMA at $28.92 down 0.89%, and the 21 SMA at $29.28 down 2.11%. The RSI metrics indicate weakness, with the 1-hour RSI at a low 20, suggesting oversold conditions, while the 7-day RSI at 45 reflects a neutral position, indicating potential indecision in the market.

In terms of price action, HYPE has experienced a notable decline over the past two weeks, down 11.33%, although it shows a stronger recovery of 26.92% over the past 30 days. The price has consistently traded below the recent high of $29.91 and is approaching its lower boundary at $28.75, which could act as a support level.

Given the current data, including the bearish moving averages and declining RSI, HYPE appears to be in a corrective phase after its recent gains. The proximity to support levels combined with oversold conditions on the hourly RSI suggests a potential for a bounce, but the overall trend remains negative.

Considering these technical indicators and the recent price trends, the recommendation is to Hold HYPE for now. While there are signs of potential recovery, the prevailing bearish sentiment and recent price declines warrant caution before making any aggressive buying decisions.