Hyperliquid (HYPE) is currently trading at $29.63, reflecting a slight decline of 0.88% over the past 24 hours. The daily trading range has been relatively narrow, with a high of $31.26 and a low of $29.58, indicating limited volatility in the short term.

Trading volume stands at approximately $195.85 million, representing a volume-to-market cap ratio of 2.77%. This suggests moderate interest from traders, but it may not be enough to drive a significant price change given the current market conditions.

Technical indicators show bearish momentum as all short-term moving averages (8, 13, 21, and 55 SMA) are trading below the current price, with losses ranging from 2.46% to 4.01%. The 1-hour RSI of 46 indicates that HYPE is nearing oversold territory, while the 7-day RSI of 52 reflects neutral market sentiment.

From a longer-term perspective, HYPE has seen a 14-day price change of -19.87%, which signals bearish pressure over the last two weeks. However, the 30-day price change of 14.19% shows a recovery trend from previous lows, suggesting potential support at current levels.

The all-time high of $59.30 achieved on September 18, 2025, remains a significant benchmark, indicating substantial upside potential. Current price levels may attract buyers looking for value, especially with the recent price dips.

Given the current technical indicators and market sentiment, a Hold rating is warranted. While the recent downtrend raises concerns, the potential for a price rebound exists, particularly if buying interest picks up.