Hyperliquid (HYPE) is currently trading at $23.24, reflecting a 4.53% decrease over the last 24 hours. The daily price range indicates a high of $25.1 and a low of $22.28, demonstrating volatility within a 2.82% range.

Volume for the past 24 hours stands at 541,374,083, with a volume-to-market cap ratio of 8.61%. This volume suggests active trading, yet the significant price decline over the past week (-21.25%) and the 14-day price change (-30.80%) indicate bearish sentiment and a potential downtrend.

The short-term moving averages show a mixed picture, with the 8 SMA at $23.23 suggesting slight support, while the 13 SMA at $23.77 and the 21 SMA at $23.96 indicate resistance levels. The 55 SMA at $25.37 and the 144 SMA at $27.27 reinforce the notion of a longer-term bearish trend, as they are significantly above the current price.

The 1-hour RSI at 38 and the 7-day RSI at 42 both suggest that HYPE is nearing oversold conditions but have not yet confirmed a bullish reversal. The momentum indicators show weak buying pressure, which could lead to further downside before a potential recovery.

Given these factors, HYPE is facing significant resistance levels and bearish momentum, which raises concerns about immediate price recovery. The current technical setup and recent performance indicate a continued downtrend, warranting a Sell rating as the market looks to consolidate at lower levels before any potential rebound.