Hyperliquid (HYPE) is currently priced at $34.07, reflecting a 24-hour decrease of 6.06%. The daily trading range has been relatively tight, with a high of $36.36 and a low of $34.15, indicating bearish pressure in the short term.

Trading volume stands at 276,032,167, which corresponds to 2.99% of the market cap, suggesting moderate liquidity. However, the declining hourly moving averages, particularly the 8 SMA at $35.35 and 13 SMA at $35.12, indicate a bearish trend, reinforcing the current downward momentum.

The 1-hour RSI is at 37, signaling potential oversold conditions, but the 7-day RSI of 51 suggests a neutral momentum over a slightly longer timeframe. The 7-day price change of -10.40% and 14-day change of -9.90% further highlight sustained bearish sentiment, while the 30-day change of -28.93% indicates a significant downturn in value.

Historically, HYPE reached an all-time high of $59.30 on September 18, 2025, which presents a substantial gap from the current price. This significant drop from the peak could attract long-term buyers looking for a rebound, but recent price action suggests caution is warranted.

Considering the technical indicators, including the moving averages, RSI levels, and recent price trends, HYPE shows signs of bearish continuation. Therefore, the recommendation is to Hold, as the current market sentiment does not favor immediate buying, but potential oversold conditions may present future opportunities if a reversal occurs.