Hyperliquid (HYPE), after making a dizzy climb and hitting a high of $31.91, formed a resistance zone between $30.75 and $31. The week’s rally-orion is coming out of $27-$28, making a buzz amongst the traders, but are the engines starting to sputter? Technical indicators alone are standing in a corner, hinting at exhaustion; that may suggest that this joy ride is almost reaching its terminating point.
The market took a break, but the bulls are still firmly holding the reins. Watch those recent breakout points; think of them as guardrails for this rally. Now, the million-dollar question: will it resume its ascent, or will a wave of profit-taking see prices back-peddling down again?
What’s Happening With Hyperliquid (HYPE)’s Price?
HYPEUSD price dynamics (Source: TradingView)
Hyperliquid (HYPE) exploded out of its holding pattern, propelled by a sudden burst of demand. Look at the 4-hour chart and see how HYPE practically shot past its Bollinger Band midline before obliterating every major EMA (20/50/100/200) in a single bound. That’s not just bullish; that’s a structural upheaval. Price touched $31.91 after which it was due for some resting time, languishing just below the upper Bollinger Band at $30.64. Is there a rocket being fueled for the next leg upward? Remain tuned.
HYPEUSD price dynamics (Source: TradingView)
The 4-hour Ichimoku Cloud calls for a bullish sky, with the price high above the Kumo, implying the upward trend will continue. Caution! Tenkan-sen and Kijun-sen are also leaning toward stagnation, implying a potential rest. Only fresh pressure toward buying will reignite this fiery momentum of the bulls.”
Why Hyperliquid (HYPE) Price Going Down Today?
HYPEUSD price dynamics (Source: TradingView)
Is this rocket flying out of fuel? Momentum cooling perhaps to stop somewhere on this asset. The wide arc is till shooting upward, though short-term signals have begun flashing caution. The 30-minute RSI, after flirting with overbought at above 74, has cooled off to 62, giving light hints to sideways shuffle or a modest pullback. Adding fuel to this fire, MACD on the same timeframe has just given a bearish cross, implying that bulls might be taking a breather. Is it a refueling stop or a longer stall?
HYPEUSD price dynamics (Source: TradingView)
A profit-taking spiral ripples through the market. The Stochastic RSI, saddened from its top, has drifted now into neutral. Indeed, the Chande Momentum Oscillator has taken a plunge down to 12.17 from its highs. Short-term traders would be cashing in on these brief pockets of profit, wouldn’t they?
Support Zones Hold the Key to Further Price Spikes
HYPEUSD price dynamics (Source: TradingView)
The price, even after the recent dip, is stubbornly bouncing around $28.50 and $26.90, like an unwilling boxer. The resistance at the $28.50 mark amalgamates with the 20-EMA and has the backing of a strong support from the last breakout. If the bulls can hold onto this line, they will be supported by an influx of new buyers eager to ride the next wave up to the $33-$35 region.
“To the sellers: seize control and let the bottom of $26.90 break! Impact should then be braced for at $25.30. This level, once a battleground for price consolidation, stands as the last more-or-less-standable defense for the bulls. Only a clean drop below this zone would signal the changing of sentiment, carrying the winner to the dark side of the sell.”
Short-Term Forecast: Will the Rally Continue or Pause?
Hyperliquid (HYPE): Strap in, traders, for this rocket ship is still sailing above the EMAs on the 4-hour time frame. Telling it in the face, though, turbulence is real. Intraday trades are plagued by volatility, so these momentum divergences could be warning us of a cooldown. Hold your breath for a pit stop, because a healthy retracement may soon be the next stanza of HYPE’s wild ride.
HYPEUSD price dynamics (Source: TradingView)
Hyperliquid (HYPE) is hung in balance on a knife-edge. A day of conquering $31.91 will see bearish hordes give way to a bullish onslaught drifting to $33.80 or even $35. Should it fail to sustain this, the bears are to take command and falling HYPE is to be sighted back to $26.90, with $25.30 as the next strong wall. $30.50 is the battle line with the coming 24-hour period deciding who will ultimately prevail in the contest.
Hyperliquid (HYPE) Price Forecast Table for May 23
| Level Type | Price Level |
| Immediate Resistance | $31.91 |
| Breakout Target | $33.80 |
| Short-Term Support | $28.50 |
| Deeper Support | $26.90 |
| Bearish Breakdown Level | $25.30 |
It is May 23rd-Bulls are at top crossroads. Will they climb the mountain they laid atop, or will the market take a breather for another charge? HYPE in full force can send off a rally and pulling back in the last-minute can be disastrous. Keep an eye out for buying volume, because that is the key to the kingdom…or the cliff!
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Thanks for reading Hyperliquid (HYPE) Price Prediction for May 23: Bulls Aim to Sustain Momentum Above $30
