Hyperliquid, Dash, Zcash: Why Did They Suddenly Skyrocket?

▲ Hyperliquid (HYPE)/AI generated image ©

As Bitcoin (BTC) recovered the $77,000 level, the suppressed altcoin market is strongly rebounding. In particular, Hyperliquid (HYPE), Dash (DASH), and Zcash (ZEC) appear to be leading the market's rise, driven by ETF fund inflows and increased demand for privacy coins.

According to investment media FXStreet on May 21 (local time), Bitcoin traded above $77,000 that day, easing overall market downward pressure. As Bitcoin rebounded near the 50-day Exponential Moving Average (EMA), the possibility of retesting $82,000, where the 200-day EMA is located, was also mentioned in the short term. The media explained that altcoins typically tend to follow Bitcoin's rebound.

According to CoinGlass data, the total liquidation volume in the cryptocurrency market over the past 24 hours was approximately $262 million. Of this, the short squeeze (buying pressure occurring to liquidate or cover short-selling positions) amounted to approximately $182 million. The media assessed that this liquidation trend is strengthening a short-term buying-dominant sentiment.

Hyperliquid recently surged to a 7-month high, driven by $22 million in ETF fund inflows. HYPE is currently trading above both its 50-day EMA of $42.40 and its 200-day EMA of $36.95, and has completed a breakout above the uptrend line near $53. The Moving Average Convergence Divergence (MACD) remains in a bullish zone, and the Relative Strength Index (RSI) has risen to around 76, indicating an overbought region. The media analyzed that breaking above its all-time high of $59.45 would be the next key resistance level.

Dash continued its bullish trend near $50 after surging approximately 20% the previous day. The media explained that expectations for Zcash's Orchard Shielded Pool integration stimulated demand for privacy coins. DASH is also trading above its 50-period EMA and 200-period EMA, with the RSI rising to around 72. Zcash is trading above $665, having broken through the 78.6% Fibonacci retracement level of $628. The MACD also maintains a bullish trend, and the next major resistance level is suggested to be around $750.

However, the media also warned that short-term volatility could increase as the RSI for HYPE, DASH, and ZEC has all entered the overbought zone. It added that if Bitcoin falls below $77,000 again, the altcoin bullish trend could also falter.

*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.*