Hyperliquid (HYPE) is currently priced at $29.28, reflecting a 24-hour change of 2.33%. The asset has shown a daily trading range of 1.8%, with a high of $29.77 and a low of $27.97, indicating some volatility but relatively contained price movement.

The trading volume stands at approximately $166.94 million, representing 2.11% of the market cap, which suggests a moderate level of market activity. The short-term hourly moving averages indicate a bullish trend, with the 8 SMA at $29.02 and the 13 SMA at $29.04 both showing positive changes of 0.89% and 0.83%, respectively.

In terms of relative strength, the 1-hour RSI is at 66, which indicates that HYPE is nearing overbought territory. Conversely, the 7-day RSI at 49 suggests that the asset is neither overbought nor oversold, reflecting a more neutral short-term sentiment.

Price performance over the last week shows a decline of 5.24%, with more significant drops of 14.64% over the last 14 days and 23.13% over the past month. This sustained downtrend may raise concerns among traders looking for a recovery, especially with the current price still far below its all-time high of $59.30 reached on September 18, 2025.

Given the short-term bullish indicators against the backdrop of a longer-term bearish trend, HYPE presents a mixed outlook. The immediate positive price movement and bullish momentum on shorter moving averages suggest potential for a bounce, but the overall trend remains negative, indicating caution.

In conclusion, the recommendation for Hyperliquid (HYPE) is to Hold. The current price action may offer short-term trading opportunities, but the broader downtrend over the last month signals that significant risks remain for long-term positions.