Hyperliquid (HYPE) is currently priced at $28.82, reflecting a significant 24-hour decline of 8.57%. The daily trading range shows volatility with a high of $31.90 and a low of $27.91, indicating market uncertainty amid high trading volume of approximately $667.71 million, which constitutes 9.73% of its market cap.

Technical indicators reveal bearish momentum with hourly moving averages all indicating losses; the 8 SMA is at $29.62, down 2.71%, while the 21 SMA sits at $30.51, reflecting a 5.54% decline. The 1-hour RSI is extremely low at 20, suggesting that HYPE is oversold in the short term, while the 7-day RSI of 56 indicates moderate strength, showing potential for recovery if buying pressure increases.

Fundamentally, the 7-day price change of approximately 22.39% and the 30-day change of 18.39% suggest a recent upward trend that may attract buyers at lower levels. However, the strong 24-hour decline raises caution, as market sentiment appears to be shifting negatively, which could lead to further sell-offs if no support is found.

Given the current market conditions, including the low RSI and the significant recent price drop, a cautious approach is warranted. While there are potential buying opportunities based on the oversold conditions, the negative trend and resistance levels above current prices indicate that a Hold rating is most appropriate at this time, allowing traders to reassess once further market direction becomes clearer.