Hyperliquid (HYPE) is currently trading at $29.59, reflecting a 6.98% decline over the last 24 hours. The price has fluctuated between a daily high of $31.81 and a low of $29.39, indicating a daily range of 2.42%.

The trading volume of 278,336,782 suggests a relatively active market, although the volume-to-market cap ratio of 3.94% points to limited liquidity. Short-term moving averages indicate bearish momentum, with the 8 SMA at $29.78 and the 13 SMA at $29.88 showing slight declines, while longer-term averages like the 55 SMA and 144 SMA indicate deeper losses of 5.89% and 8.70%, respectively.

The 1-hour RSI at 36 suggests that HYPE is approaching oversold conditions, which could indicate a potential reversal point if buying interest increases. However, the 7-day RSI at 45 shows that the asset remains in neutral territory, reflecting ongoing selling pressure over the past week, with a price change of -15.88%.

Over the last 14 days, HYPE has seen a negligible price change of -0.37%, while the 30-day price change of 20.69% indicates a recent bullish trend before the current correction. The all-time high of $59.30 reached on September 18, 2025, provides a psychological resistance level, while current pricing is significantly below that threshold.

Given the short-term bearish indicators and the lack of strong bullish signals in the RSI metrics, HYPE is not in a favorable position for immediate buying. However, the significant past price increase over 30 days could suggest a recovery opportunity if the price stabilizes.

In conclusion, the recommendation for Hyperliquid (HYPE) is to Hold. While the asset shows signs of potential recovery in the long term, immediate price action and technical indicators reflect a downward trend that warrants caution before any new positions are established.