Hyperliquid (HYPE) is currently trading at $28.38, reflecting a 24-hour decline of 3.36%. The daily price range indicates a narrow movement with a high of $30.08 and a low of $28.37, suggesting limited volatility amidst the recent downturn.

The trading volume stands at approximately 303.74 million, contributing to a volume-to-market cap ratio of 3.94%. The hourly moving averages show bearish momentum, with all key averages trending downward, particularly the 8 SMA at $28.99, indicating a short-term bearish outlook.

The 1-hour RSI is currently at 38, signaling that HYPE is approaching oversold conditions, while the 7-day RSI at 46 suggests weak momentum but not yet in the oversold zone. Over the past 7 days, HYPE has decreased by 8.07%, and the 14-day and 30-day changes of -18.17% and -26.35%, respectively, underscore a sustained bearish trend.

The all-time high of $59.30 reached on September 18, 2025, highlights significant potential; however, the current price reflects a substantial drawdown. Given the combination of bearish momentum indicators, recent price declines, and resistance levels, HYPE appears to be in a consolidation phase.

Considering these factors, a Hold rating is recommended. This position allows investors to assess market conditions further while waiting for potential support levels to develop before making additional trades.