Hyperliquid (HYPE) is currently priced at $24.75, reflecting a 4.43% decrease over the last 24 hours. The daily trading range has been relatively tight, between a high of $26.01 and a low of $24.41, indicating limited volatility in the short term.

The trading volume stands at approximately 243.62 million, representing 4.14% of the market capitalization. This volume level suggests a moderate interest from traders, but the recent negative price action may indicate a potential reluctance to buy at current levels.

The short-term moving averages (8 SMA at $25.15, 13 SMA at $25.12, and 21 SMA at $25.27) are all positioned below the current price, indicating a bearish trend. Additionally, the 55 SMA is at $25.44, which further supports the downside pressure, while the 144 SMA at $24.77 is just below the current price, suggesting a possible support level.

The 1-hour RSI is at 40, reflecting bearish momentum, while the 7-day RSI at 49 indicates a neutral stance, showing that the asset is neither overbought nor oversold on a longer timeframe. The 7-day price change of -3.87% alongside a more pronounced 30-day decline of -7.60% reinforces the notion of negative sentiment in the market.

Despite the recent decline, HYPE has a significant historical all-time high of $59.30, which suggests substantial upside potential in the longer term. However, given the recent downward momentum and the technical indicators pointing towards further weakness, it is prudent to be cautious.

Considering the current market dynamics, the established resistance levels, and the bearish indicators, the recommendation is to Hold. This strategy allows for the observation of potential reversal patterns or further downside before making a decisive Buy or Sell action.