Hyperliquid (HYPE) is currently trading at $21.08, reflecting a significant 24-hour decline of 8.15%. The daily price range has been relatively tight, with a high of $23.03 and a low of $20.89, indicating a volatile trading environment but also highlighting potential support levels around the $21 mark.

Volume has surged to $327,349,553, accounting for 6.51% of the market cap, which suggests that trading activity is robust despite the price decline. The hourly moving averages indicate a bearish trend, with the 8 SMA at $21.27 and the 13 SMA at $21.36, both showing negative momentum, while longer-term moving averages like the 55 SMA and 144 SMA are significantly higher, suggesting a downward trend from previous highs.

The Relative Strength Index (RSI) metrics reveal oversold conditions, with the 1-hour RSI at 35 and the 7-day RSI at 40. This suggests that the asset is nearing a potential reversal point, yet sustained selling pressure has led to considerable declines over the past 7, 14, and 30 days, with price drops of 19.35%, 23.64%, and 16.55%, respectively.

Given the current technical indicators and the negative price momentum, along with the historical all-time high of $59.30, HYPE appears to be trading at a significant discount. However, the overall bearish trend and recent price performance indicate that entering a position now carries substantial risk, as further declines could occur if selling pressure continues.

In conclusion, the current technical and fundamental data points to a Hold rating for HYPE. While there is potential for a rebound given the oversold RSI levels, the prevailing downward trend and recent performance suggest that investors should wait for clearer bullish signals before committing additional capital.