Hyperliquid’s HYPE holds a short-term range as bearish trend persists below $31 and $26.5 levels in focus

Hyperliquid’s HYPE token remained in a broader downtrend while trading within a tight range between $27.22 and $29.88 on lower timeframes. Analysis of price structure, order flow, and liquidation data suggested that liquidity near $31 and around $26.5 could drive the next directional move.