Hyperliquid (HYPE) is currently priced at $32.13, experiencing a notable 24-hour decline of 6.56%. The daily trading range has been relatively tight, with a low of $32.15 and a high of $34.49, indicating a bearish trend as the price approaches the lower end of this range.

The volume stands at 245,752,086, contributing to a volume-to-market cap ratio of 2.82%, suggesting moderate trading activity. The hourly moving averages reflect a downward trajectory, with the 8 SMA at $33.31 showing a 3.54% decline, indicating that short-term momentum is weak.

The 1-hour RSI is at 30, indicating oversold conditions, while the 7-day RSI is at 48, suggesting that momentum is neutral but trending downward. Over the last 14 and 30 days, HYPE has dropped 15.08% and 26.59% respectively, reflecting significant bearish sentiment in both the medium and longer term.

With the current price well below the 55 and 144 SMAs, which are at $34.62 and $34.36 respectively, there is resistance in the short to medium term. Additionally, the price is significantly off its all-time high of $59.30 reached on September 18, 2025, indicating a long-term bearish trend.

Given the current technical indicators and the substantial recent price declines, the outlook for HYPE is bearish. Therefore, the rating is Sell, as the price is likely to continue under pressure until stronger bullish signals emerge.