Hyperliquid (HYPE) Price Prediction for May 23: Bulls Aim to Sustain Momentum Above $30

After a spectacular rally earlier this week, the Hyperliquid (HYPE) price today is trading near $30.95, marginally down from its recent high of $31.91. The sharp breakout from the $27–$28 accumulation range has drawn attention to the token’s short-term trajectory, particularly as technical indicators begin flashing early signs of exhaustion.

Despite this mild pullback, the broader structure remains tilted in favor of the bulls, with key support levels aligning at recent breakout zones. Investors are now watching whether the rally has more steam or if profit-taking will trigger a sharper retracement.

What’s Happening With Hyperliquid (HYPE)’s Price?

HYPEUSD price dynamics (Source: TradingView)

The current Hyperliquid (HYPE) price action reflects a strong breakout from consolidation supported by surging demand. On the 4-hour chart, HYPE exploded above its Bollinger Band midline and all major EMAs (20/50/100/200), signaling a structurally bullish setup. Price tagged $31.91 before retreating slightly, and is now hovering just above the upper Bollinger Band at $30.64.

HYPEUSD price dynamics (Source: TradingView)

The Ichimoku Cloud on the 4-hour timeframe shows price action well above the Kumo, confirming bullish continuation. However, the Tenkan-sen and Kijun-sen lines have flattened slightly, implying short-term momentum may pause unless fresh buying volume enters the market.

Why Hyperliquid (HYPE) Price Going Down Today?

HYPEUSD price dynamics (Source: TradingView)

The answer lies in momentum cooling. While the macro trend remains strong, short-term indicators suggest the asset may be taking a breather. The 30-minute RSI has dipped from overbought levels (above 74) to around 62, signaling a potential for sideways consolidation or minor pullback. Meanwhile, MACD on the same chart has just triggered a bearish crossover, reinforcing the idea that bulls may temporarily lose steam.

HYPEUSD price dynamics (Source: TradingView)

The Stochastic RSI has dropped into neutral territory from its recent peak, and the Chande Momentum Oscillator has retreated to 12.17 from its local high, suggesting short-term traders may be locking in gains.

Support Zones Hold the Key to Further Price Spikes

HYPEUSD price dynamics (Source: TradingView)

Despite the minor cooling, support levels near $28.50 and $26.90 are proving resilient. The $28.50 zone aligns with the 20-EMA and is reinforced by horizontal support from the previous breakout. A sustained defense here would likely inspire fresh buying and could reignite the next leg higher toward the $33–$35 zone.

If selling pressure intensifies and breaks below $26.90, the next cushion lies at $25.30, where prior consolidation offers structural support. Only a decisive close below this region would weaken the bullish bias.

Short-Term Forecast: Will the Rally Continue or Pause?

The prevailing Hyperliquid (HYPE) price volatility remains elevated, and that’s a double-edged sword for intraday traders. The price remains well above all major EMAs on the 4-hour chart, but signs of divergence in momentum suggest a healthy retracement could be on the horizon.

HYPEUSD price dynamics (Source: TradingView)

Should bulls manage to hold above $30.50 and reclaim $31.91 in the next 24 hours, a fresh Hyperliquid (HYPE) price spike toward $33.80 or even $35 is possible. Conversely, a breakdown below $28.50 would shift the short-term focus to lower supports at $26.90 and $25.30.

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

The outlook for May 23 hinges on whether bulls can reclaim the recent high or allow the market to cool before recharging. For now, HYPE’s strength remains intact—but momentum watchers will want to see follow-through buying to avoid a deeper pullback.

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