Hyperliquid (HYPE) is currently priced at $27.98, reflecting a significant 24-hour decrease of 7.24%. The daily range has been tight, with a high of $30.66 and a low of $27.57, indicating heightened volatility as the market reacts to negative sentiment.

Trading volume stands at 375,282,693, representing 4.96% of its market cap. The hourly moving averages show that HYPE is trading below all key averages, with the 8 SMA at $29.12 and the 55 SMA at $29.86, suggesting a bearish trend over multiple time frames.

The 1-hour RSI is at 30, indicating oversold conditions, while the 7-day RSI sits at 40, reflecting continued selling pressure. Over the past week, HYPE has dropped 11.88%, and its 30-day decline of 30.12% demonstrates a prolonged downward trajectory.

Despite reaching an all-time high of $59.30 in September 2025, current momentum suggests a lack of buying interest, especially given the overall downtrend and negative price changes across 7, 14, and 30-day periods. The market sentiment appears weak, with resistance levels above the current price that may hinder recovery.

Considering the technical indicators and recent performance, the recommendation for HYPE is to Hold. Investors should monitor for potential bullish reversals but should remain cautious given the current market conditions and downward price trend.