Hyperliquid (HYPE) is currently trading at $21.32, reflecting a significant decline of 9.87% over the past 24 hours. The asset has seen a daily range between $20.92 and $23.78, indicating a volatile trading environment with a 24-hour volume of approximately $339.18 million.

Technical indicators show bearish momentum, particularly with the 1-hour RSI at 25, signaling oversold conditions. The 7-day and 14-day RSI readings of 41 and negative price changes of -17.17% and -23.75%, respectively, further confirm downward pressure, while longer-term trends reflect a 30-day price change of -13.49%.

Moving averages indicate a persistent downtrend, with the 8 SMA at $21.50 and a decreasing trajectory noted across the 13, 21, 55, and 144 SMAs. This technical structure, coupled with the current price sitting below all significant moving averages, reinforces the bearish sentiment.

The volume/market cap ratio stands at 6.67%, indicating that trading activity is relatively high compared to market capitalization, but this hasn't translated into price support. Given the recent price action and indicators, it appears that selling pressure persists, as highlighted by the substantial negative changes over various time frames.

Considering all the data points, including bearish momentum, significant resistance levels indicated by moving averages, and unfavorable RSI readings, a Sell rating is warranted. The current market conditions and technical setup suggest further downside risk for HYPE in the near term.