Crypto: Zcash and Chainlink test resistance, Hyperliquid declines after Binance

Buy the rumor, sell the news. This Sunday, September 27, bitcoin is digesting the pressure from the American bond market while the oldest alternative values ​​on the market continue their methodical rise. Zcash, Chainlink and Cardano are each testing a key resistance zone. Conversely, Hyperliquid is experiencing the backlash of news that should, in theory, have benefited it.

Zcash enters $1,600, privacy is on the rise

The privacy token is now trading around $1,630-1,640, already installed in its resistance zone set between $1,600 and $1,680, the highest reached this week. A confirmed crossing of this ceiling would open the way towards 1,700 or even 2,000 dollars according to several technical analysts. Zcash remains, by far, the best performance of the top ten crypto since January, driven by the narrative of confidential transactions which is attracting a growing number of institutional investors.

The support to watch in the event of a pullback is around $1,500, then $1,450. For the moment, there is nothing to indicate that the movement is running out of steam.

Chainlink at its highest since January, without media noise

Less spectacular but just as revealing: Chainlink (LINK) is moving between $13.8 and $14.1, its highest level since January. This token, which forms the link between the blockchain and real-world data (an “oracle”, in the jargon), does not benefit from any obvious media catalyst this week. Resistance lies between $14.20 and $14.50, a short distance from the current price.

Cardano is following a comparable trajectory, around $0.256, approaching $0.26. Beyond that, the technical objectives point towards 0.28 then 0.30 dollars.

HYPE declines since its listing on Binance

This is the paradox of the week. The token of Hyperliquid, a fast-rising decentralized futures platform, is down around 1.5% over the last 24 hours and remains under pressure since its listing on Binance on Thursday, the largest centralized exchange in the sector. A Binance listing usually equates to an influx of buyers. This time, traders preferred to take their profits rather than wait for what happens next.

The calendar is dizzying. HYPE peaked between $95 and $98 on Wednesday, an all-time high. Binance opened three pairs (HYPE/USDT, HYPE/USDC and HYPE/TRY, the latter reserved for verified Turkish accounts) on Thursday at 11 a.m. UTC, under a “Seed Tag” classification which signals high risk and requires users to take a knowledge test renewed every 90 days. Since then, the token has been moving around $92, for a capitalization of between $20 and $23 billion, between tenth and twelfth place in the world according to the rankings.

The explanation for the decline can be summed up in one sentence: many had already bought HYPE in anticipation of this announcement, on less liquid platforms. The official listing served as a way out rather than a new engine. A market classic, which even affects the most prominent DeFi protocols.

Not everyone sells, however. The 0x6436 wallet, linked to PURR, a listed company which made HYPE the central asset of its treasury, continued to accumulate during the week: approximately 373,730 tokens purchased in September, or $36 million, before placing them in staking. A reminder that a technical correction and a long-term conviction can coexist perfectly on the same chart.

The return to favor of historical cryptos

This contrast pretty much sums up the past week in the altcoin market. Tokens born more than five years ago, Zcash in the lead, are regaining the favor of investors after months of eclipse in favor of more recent projects. Ethereum and XRP, two other established values, accompanied this movement over seven days, with gains close to 1 to 2% for one and 9% for the other.