Hyperliquid (HYPE) is currently trading at $28.54, reflecting a 5.03% decline over the past 24 hours. The daily trading range has been relatively narrow at 1.92%, with a high of $30.46 and a low matching the current price.

The trading volume of 284,917,396 indicates a substantial market activity, with a volume-to-market cap ratio of 4.18%. However, the hourly moving averages suggest a bearish trend, with the 8 SMA at $28.98 showing a decline of 1.53%, and the longer-term averages indicating deeper losses.

The 1-hour RSI stands at 25, indicating oversold conditions, while the 7-day RSI of 44 suggests that the asset is nearing a neutral zone but still faces downward pressure. Over the past week, HYPE has declined by approximately 13.83%, and the 14-day price change reflects a more significant drop of 15.17%.

Despite the short-term bearish indicators, the 30-day price change shows a positive trend of 16.79%, suggesting some resilience in the longer-term perspective. However, the significant gap between the current price and the all-time high of $59.30 indicates substantial room for recovery, but also highlights the potential for volatility.

Considering the current price action, bearish moving averages, and oversold RSI levels, a cautious approach is warranted. Therefore, the rating for Hyperliquid (HYPE) is a Hold, as it may present a buying opportunity if it stabilizes and shows signs of recovery, but immediate risks suggest waiting for clearer bullish signals before entering a position.