Cryptocurrency Market Sees Mixed Trends as Hype Cools Off and Zcash Corrects
Hyperliquid (HYPE), Zcash (ZEC), Ethereum (ETH), and Shiba Inu (SHIB) are experiencing a mix of trends in the cryptocurrency market. HYPE is still bullish despite cooling off from its recent high of $89, but it needs to hold onto key support levels between $78-$80 for another push towards $90 or even $100.
However, ZEC's powerful rally may be coming to an end as its overbought RSI makes a correction towards $1,000 or even $850 possible. ETH is consolidating above its key support level after its August breakout but is unlikely to reach new heights of $2,600-$2,650.
SHIB's recovery remains constructive but needs to reclaim the 200-day moving average at $0.00000567 to stay bullish. The market has entered a consolidation phase with decreasing momentum and volume, but it is still unclear whether this will lead to a correction or further growth.