Today has been marked by a slight pullback in overall trading activity within the cryptocurrency market. This is reflected by the $8 billion dip in total market capitalization over the past 24 hours. 

Amid this, a few altcoins are drawing heightened attention from traders and investors alike. 

Hyperliquid (HYPE)

HYPE is a trending altcoin today because it has bucked the general market pullback to record a 20% price gain. During the review period, its trading volume is up 32%, totaling $499 million. 

When an asset’s price and trading volume surge, it means strong market interest and growing momentum behind the move. This suggests HYPE’s price increase is supported by real buying activity rather than a short-lived spike.

If the rally persists, HYPE’s value could reach $37.59.

However, if sellofs begin, the token’s price could drop to $35.73

Cetus Protocol (CETUS)

CETUS trades at $0.172 at press time, down 29% today. On the daily chart, CETUS’ Moving Average Convergence Divergence (MACD) indicator reflects the strengthening bearish pressure in its spot markets. 

At press time, the token’s MACD line (blue) rests below its signal line (orange). When this indicator is set up this way, it indicates bearish momentum. This means that selloffs exceed buying activity among market participants, putting significant downward pressure on the token’s price.

If selloffs continue, CETUS could slip further to $0.158.

On the other hand, a resurgence in new demand for the altcoin could propel it above $0.173.

Sui (SUI)

SUI is another altcoin trending today. It exchanges hands at $3.84 at the time of writing, noting a 7% price decline. 

However, the coin’s positive and rising Chaikin Money Flow (CMF) creates a bullish divergence that hints at a potential rebound in SUI’s value in the near term. At press time, the indicator is at 0.19.

The CMF indicator measures how money flows into and out of an asset. When it rises during a price decline, it forms a bullish divergence. This divergence suggests that accumulation is happening beneath the surface and may signal a potential reversal to the upside.

If buying strengthens, SUI could reverse its current downtrend and rally toward $3.96.

Conversely, if the decline persists, the token could fall to $3.69.

The post Why These Altcoins Are Trending Today — May 23 appeared first on BeInCrypto.