Hyperliquid's HYPE token is trading near the $24.00 support area after retreating from a recent local peak around $25.4–$25.5, with the chart showing a series of lower highs and lower lows. The token remains well below its 50-day SMA at $33.78 and 200-day SMA at $34.47, while volatility at 11.70% and a 14-day RSI of 37.93 underline fragile, bearish market conditions. If $24.00 breaks decisively, price could extend lower, whereas a move back above the $24.80–$25.00 band would be needed to ease downside pressure.