Hyperliquid (HYPE) is currently trading at $28.99, reflecting a notable decline of 6.72% over the past 24 hours. The daily range has been relatively narrow, with a high of $31.44 and a low of $28.25, indicating short-term volatility but overall bearish momentum.

Volume stands at 272,618,219, representing a volume-to-market cap ratio of 3.46%, suggesting that trading activity is moderate relative to the market capitalization. This level of trading volume, alongside a declining price, points to potential profit-taking or market exhaustion in the near term.

The hourly moving averages indicate a bearish trend, with the 8 SMA at $30.36 and the 55 SMA at $31.23, both showing significant downward shifts. The stark drop in price against these moving averages indicates a persistent selling pressure, particularly as the 1-hour RSI is at a low of 20, signaling oversold conditions.

On the broader timeframe, the 7-day RSI of 49 suggests that HYPE is nearing neutral territory, while the 7-day price change of -12.27% and 14-day price change of -7.01% underline a continued downward trajectory. The 30-day price change of -28.66% further emphasizes a longer-term bearish sentiment, highlighting the challenges the asset is facing.

Despite the all-time high of $59.3 reached on September 18, 2025, the current price indicates significant retracement and market pessimism. This could be attributed to broader market conditions or specific fundamentals surrounding Hyperliquid, which need to be closely monitored for any potential reversals.

Given the current technical indicators, including the bearish moving averages and low RSI readings, HYPE is not positioned favorably for immediate gains. Therefore, the recommendation is to Hold, as potential volatility could present opportunities for a better entry point if conditions stabilize or improve in the near term.