Hyperliquid’s token, HYPE, reached a new record high of almost $63 on Thursday. Meanwhile, Zcash (ZEC) continued to climb, approaching its own all-time high.
HYPE has shown particularly strong growth over the past month, increasing by around 45% – a better result than many similar cryptocurrencies. Zcash has performed even better, with its value rising by an impressive 108% during the same period.
Thanks to recent gains, both HYPE and ZEC are now among the top cryptocurrencies by market value. HYPE currently ranks 11th, and ZEC is 13th.
Downside Odds Rising For HYPE
NewsBTC previously reported that HYPE quickly rose to $62.80, reaching a new high. Over the last 24 hours, Zcash also increased, almost hitting $690 twice. However, by Thursday evening, both cryptocurrencies had fallen back: HYPE settled around $57, and Zcash decreased to approximately $659.
Even with the recent price drop, technical analyst Ali Martinez suggests that both cryptocurrencies might be approaching price levels where they could fall further.
In a recent post on X (formerly Twitter), Martinez warned investors that when a trade becomes too popular and everyone is feeling optimistic, they should look for signals that the trend is losing steam, rather than simply expecting it to continue forever.
Martinez points out that recent sell signals on HYPE, as indicated by the TD Sequential indicator, coincided with the Relative Strength Index (RSI) and Chande Momentum Oscillator both showing overbought conditions. He observed that these instances were then followed by significant price drops.
He believes we’re seeing a similar situation develop now. In the short term, Martinez warns that if the price falls back from its current level, it could likely drop to around $40.
Zcash Could Retrace Toward $380
According to Martinez, Zcash is showing a similar pattern to previous price movements. The price of ZEC has increased by over 40% in the last week and is now approaching a resistance level between $700 and $730, where it previously experienced a significant price drop in November.
The analyst believes this situation is significant because the potential sell signal is appearing on the weekly chart, suggesting it’s not just a temporary dip. He pointed out that a weekly TD buy signal correctly predicted the previous price increase, making this shift in momentum particularly important.
He also noted that market indicators suggest prices may have risen too quickly and could be due for a bigger drop than usual if a key selling signal appears this week.
Martinez pointed out possible price drops for Zcash if the current negative trend continues. He identified a first support level around $500, and a further potential drop to near $380.
He believes both HYPE and Zcash are still generally trending upwards, but cautions that the current market situation indicates increasing risk.
Featured image created with OpenArt, chart from TradingView.com
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2026-05-22 04:41