Hyperliquid (HYPE) is currently trading at $35.80, experiencing a 24-hour decline of 2.62%. The price has oscillated between a high of $37.01 and a low of $34.77 during this period, indicating a daily range of 2.24%, which suggests relatively stable trading conditions.

The trading volume stands at approximately $253.3 million, with a volume-to-market cap ratio of 2.12%. This indicates a healthy level of trading activity, although the recent downward price movement may deter some investors, evidenced by the 1-hour RSI at 42, suggesting a potential oversold condition.

Looking at the moving averages, the 8, 13, 21, and 55 SMAs all indicate downward momentum with losses ranging from 0.95% to 1.59%. Conversely, the 144 SMA shows a positive trend with an increase of 5.04%, reflecting a longer-term bullish sentiment that contrasts with the short-term bearish signals.

From a broader perspective, the 7-day RSI is at 53, suggesting that the asset is nearing neutral territory, while the 14-day and 30-day price changes of 25.96% and 76.01% respectively indicate strong upward momentum over a longer timeframe. The all-time high of $39.68 achieved in May 2025 remains a significant resistance level that could impact future price movements.

In summary, despite the recent short-term decline, Hyperliquid shows potential for recovery, particularly with the long-term SMA reflecting bullish behavior. Given the current technical indicators and recent price performance, I recommend a Hold rating for HYPE, as the asset may stabilize and present a favorable entry point for potential buyers in the near future.