Hyperliquid (HYPE) is currently trading at $23.93, reflecting a 24-hour change of -1.72%. The price movement within the last day has been relatively stable, with a daily range of 0.98%, indicating low volatility in this period.

The hourly moving averages show a bearish trend, with the 8 SMA at $24.09 indicating a decline of 0.64%, and the 55 SMA at $24.57 down 2.60%. The RSI values further corroborate this trend, with the 1-hour RSI at 48 and the 7-day RSI at 49, suggesting that HYPE is nearing oversold territory but not yet confirming a reversal.

Over the past week, HYPE has experienced a price decrease of approximately 11.74%, and the 14-day and 30-day changes of -18.52% and -24.09%, respectively, indicate a strong downward momentum. The current volume of 194,946,409 represents 3.42% of the market cap, suggesting reasonable trading activity, though not enough to indicate a significant shift in market sentiment.

Given the technical indicators and the current price action, HYPE appears to be under pressure from both short-term and long-term perspectives. With the price significantly below the all-time high of $59.30 reached on September 18, 2025, the asset is currently trading at a considerable discount, but the bearish momentum is concerning.

In conclusion, the combination of declining moving averages, weak RSI readings, and a consistent drop in price over recent weeks suggests that a cautious approach is warranted. Therefore, the rating for Hyperliquid (HYPE) is a Hold, as the potential for a bottoming out could create a buying opportunity if the price stabilizes, but current conditions do not warrant a Buy at this time.