Hyperliquid (HYPE) is currently trading at $21.77, reflecting a 2.67% increase over the past 24 hours. The daily price range has been tight, with a high of $21.98 and a low of $20.52, indicating relatively stable trading activity.

The trading volume of approximately 287.76 million suggests strong interest and liquidity, with a volume-to-market cap ratio of 5.54%. This level of volume is indicative of healthy market activity, but it remains crucial to assess the underlying price trends for further insights.

The short-term moving averages (8 SMA at $20.96, 13 SMA at $21.12, and 21 SMA at $21.18) show positive momentum with increases ranging from 2.78% to 3.86%. However, the longer-term averages (55 SMA at $22.42 and 144 SMA at $24.05) indicate a bearish trend, down 2.91% and 9.47% respectively, suggesting that HYPE is facing resistance at higher levels.

The 1-hour RSI at 55 shows that HYPE is neither overbought nor oversold, but the 7-day RSI at 43 indicates a potential bearish momentum. Additionally, the 7-day, 14-day, and 30-day price changes show declines of approximately 16.76%, 18.07%, and 11.91%, respectively, reflecting a significant loss in value over recent weeks.

Given that the all-time high of $59.30 occurred on September 18, 2025, the current price represents a substantial retracement. While short-term indicators show some positive movement, the overall trend remains negative, and the longer-term moving averages highlight significant resistance levels.

Based on this analysis, I assign a Hold rating to HYPE. The immediate price action suggests potential for short-term gains, but the prevailing downtrend and longer-term resistance levels warrant caution before entering new positions.