Hyperliquid (HYPE) is currently trading at $29.54, reflecting a slight decline of 0.54% over the last 24 hours. The daily trading range of 2.38% indicates moderate volatility, with a 24-hour high of $31.66 and a low of $29.28, suggesting the market is testing support levels around the lower end.

The trading volume stands at approximately 299.53 million, translating to a volume-to-market cap ratio of 4.26%, which is relatively healthy and indicates active market participation. The hourly and daily moving averages show a bearish trend, with the 8 SMA at $30.79 indicating a resistance level that could hinder upward momentum.

The 1-hour RSI of 41 suggests that HYPE is approaching oversold conditions, while the 7-day RSI of 46 indicates a slight downward momentum but not yet in oversold territory. Over the past week and two weeks, the price has decreased by approximately 9.50% and 12.35%, respectively, although it has seen a significant gain of nearly 19.75% over the last month, showing potential recovery.

Technical indicators reveal that HYPE is currently trading below its moving averages, which is a bearish sign for short-term price action. With the all-time high at $59.30, there is significant room for growth, but current price action suggests further consolidation or potential downside risk before any recovery can be expected.

Given the recent price action, moderate RSI levels, and the bearish trend in moving averages, the recommendation is to hold HYPE at this time. A wait-and-see approach is prudent until clearer bullish signals emerge, as the market sentiment appears to be cautious amid recent declines.