Hyperliquid (HYPE) is currently priced at $24.67, reflecting a 2.38% increase over the last 24 hours. The asset has exhibited a daily range of 1.61%, with a high of $25.45 and a low of $23.84, indicating a relatively stable trading environment.

Volume stands at approximately 243.65 million, translating to a volume/market cap ratio of 3.64%, which suggests moderate trading activity relative to its market capitalization. The short-term moving averages show a positive trend with the 8 SMA at $24.61 and the 13 SMA at $24.56, both indicating upward momentum, while the 144 SMA at $26.31 indicates a more bearish longer-term outlook.

The 1-hour RSI is at 65, indicating that HYPE is approaching overbought territory, which may suggest a potential short-term correction. Conversely, the 7-day RSI at 43 and the significant declines in price over the past 7, 14, and 30 days (-12.40%, -19.88%, and -37.35% respectively) reflect a bearish trend in the medium to long term.

Given the current price below the 144 SMA and the overall downward trend over the past month, there is a substantial risk of continued price decline. The previous all-time high of $59.30 is now a distant benchmark, highlighting the significant retracement HYPE has experienced.

Considering the mixed technical indicators, with short-term bullish momentum conflicting with long-term bearish trends, a cautious approach is advisable. Therefore, the recommendation is to Hold, allowing for potential upward movement while monitoring the market for further bearish signals or recovery patterns.