Zcash, Hyperliquid, Flare, leading the altcoin surge this weekend?

▲ Bull market/ChatGPT generated image

Zcash, Hyperliquid, and Flare have emerged as short-term rally candidates in the altcoin market, showing signals of defending key support lines, breaking resistance lines, and breaking out of a falling wedge pattern, respectively, ahead of the weekend.

According to BeinCrypto on May 15 (local time), Zcash (ZEC), Hyperliquid (HYPE), and Flare (FLR) showed different bullish breakout structures on their daily charts. The media reported that the three assets created distinct trends of retesting Fibonacci support, breaking Fibonacci resistance, and breaking out of a falling wedge pattern, making them altcoins to watch over the next 48 hours.

Zcash formed a Fibonacci structure within an upward trend that started at $185. BeinCrypto explained that Zcash is retesting the Fibonacci 0.618 retracement line near $534, which was the price level that limited the swing high on December 29. If Zcash confirms this area as support, further upside potential opens towards the Fibonacci 0.786 retracement line near $629. However, the daily Relative Strength Index (RSI) is declining, and the Moving Average Convergence Divergence (MACD) shows a bearish cross, indicating a slowdown in upward momentum.

Hyperliquid broke through the Fibonacci 0.618 retracement line near $44.50, creating a move towards the $48 resistance. BeinCrypto reported that Hyperliquid bounced off the uptrend line from the January low, confirming dynamic support, and the Bollinger Band Width indicator suggests increasing volatility. The Relative Strength Index (RSI) also showed an upward trend near 60, but trading volume has not yet increased sufficiently, indicating that a surge in volume in the next trade is needed to confirm the sustainability of the bullish structure.

Flare showed the clearest breakout signal among the three assets, breaking through the $0.0086 resistance and exiting a falling wedge pattern. BeinCrypto analyzed that Flare is heading towards the Fibonacci 0.5 retracement line at $0.010, and if it closes above this level, an upward path to the Fibonacci 0.786 retracement line near $0.012 could open. The daily Relative Strength Index (RSI) recorded 80, but no bearish divergence appeared, and increased volatility was also presented as a factor supporting further upside potential.

X (formerly Twitter) analysts presented different key confirmation levels for each of the three altcoins. For Zcash, defending the $534 support and breaking $610 was key; for Hyperliquid, breaking $48 and increasing trading volume; and for Flare, recovering $0.0096 and then settling at $0.010 were identified as crucial. BeinCrypto stated that in the weekend liquidity environment, trading volume, RSI trends, and confirmation of major support/resistance lines are variables that will determine the next direction for the three assets.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*