Hyperliquid (HYPE) is currently trading at $33.32, having experienced a significant decline of 6.64% over the past 24 hours. The daily price range reflects volatility, with a high of $36.07 and a low at the current price, indicating strong selling pressure.

Trading volume has reached approximately $257 million, representing 2.84% of the market cap, which suggests moderate liquidity but may not be sufficient to absorb selling in a bearish market. The hourly moving averages are showing a downward trend, with the 8 SMA at $34.35 and the 55 SMA at $34.95, indicating persistent selling pressure across various time frames.

The 1-hour Relative Strength Index (RSI) is notably low at 26, signaling that HYPE is oversold in the short term. Conversely, the 7-day RSI at 52 suggests that momentum is stabilizing, while the 14-day and 30-day price changes of -14.76% and -24.91%, respectively, indicate a longer-term bearish trend.

Despite the recent downturn, HYPE remains well below its all-time high of $59.30 reached on September 18, 2025, reflecting potential for recovery if market conditions improve. However, the persistent downward movement in the short-term moving averages and the low 1-hour RSI suggest continued weakness in the immediate future.

Given the current market dynamics, including the bearish trend indicated by moving averages and RSI metrics, it is advisable to adopt a cautious approach. Therefore, the recommendation is to Hold HYPE, as a potential rebound may occur if the price stabilizes above key support levels, but immediate buying is not advisable until signs of reversal appear.