Hyperliquid (HYPE) is currently trading at $32.55, reflecting a 24-hour change of -1.38%. The asset is facing downward pressure, evident in its daily range of 2.12% and its proximity to the 24-hour low of $32.26, suggesting a bearish sentiment among traders.

The volume of $527,742,346 represents a Vol/Market Cap ratio of 6.02%, indicating moderate trading activity relative to its market capitalization. However, the hourly moving averages reveal a significant downward trend, with the 8 SMA at $33.56 and a decline of 3.02%, suggesting that short-term momentum is negative.

The RSI metrics further confirm the bearish outlook, with the 1-hour RSI at 36, indicating oversold conditions, and the 7-day RSI at 44, which is approaching the neutral zone but still points towards weakness. Additionally, the price changes over the past week, 14 days, and 30 days are all negative, with declines of approximately 16.24%, 19.81%, and 19.37%, respectively, reflecting a longer-term bearish trend.

HYPE's current price is significantly below its all-time high of $59.30, reached in September 2025. This substantial gap indicates that the asset is still underperforming, and it may take considerable time to regain bullish momentum.

Given the technical indicators, including negative moving averages and RSI values indicating oversold conditions, along with the price trends, the recommendation is to Hold. The market appears to be in a consolidation phase, and waiting for clearer signals or stabilization may be prudent before making any buying decisions.