Viewpoint: Popular coins HYPE and ZEC have multiple technical indicators in overbought territory, with resistance levels at $60 and $730 respectively
BlockBeats News, May 21st. Analyst Alicharts posted an analysis of the two hottest cryptocurrencies in the recent market, HYPE and ZEC.
Regarding HYPE, Alicharts believes that HYPE is approaching a key resistance level ($59-60), and multiple indicators have also issued warning signals. The TD Sequential has shown a Combo 13 sell signal, and both RSI and Chande MO are at overbought historical highs, indicating a potential minor spike followed by a pullback to around $40.
On the other hand, ZEC is nearing the resistance zone ($700–730) that caused a significant drop in November. The weekly TD Sequential has issued a sell signal. The previous rally from the channel's bottom to the top was driven by a weekly TD buy signal. If the sell-off is confirmed, the retracement could be more significant, with potential support at $500 (first target) and $380 (deeper pullback).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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