Hyperliquid (HYPE), XRP, Zcash (ZEC) and Ethereum (ETH) Price Analysis for October 8: Market Retains Pressure
Key Summary
Hyperliquid, XRP, and Zcash prices are under pressure, with HYPE trading around $88.60, XRP below $1.40, and ZEC near $1,325 after significant corrections. Despite the short-term bearish structure, the broader trend remains positive, and bulls need to reclaim key levels to restart the rallies.
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Technical Outlook
Hyperliquid (HYPE) is currently trading around $88.60, after failing to sustain its recovery toward the September highs. The broader trend remains positive, with HYPE rallying from approximately $57 in mid-August to a September peak near $97.50.
The latest structure shows that momentum is weakening, with the RSI slipping toward the neutral area. Immediate support sits around $87-$88, close to the rising short-term moving average. More important support exists at $84-$85, where HYPE previously attracted significant buying pressure.
A breakdown below $84 could trigger a deeper correction toward $80-$82. Below that, approximately $75 becomes the next major technical level. For bulls, reclaiming $92.50 would improve the setup, while a breakout above $95-$97.50 is necessary to restart the broader rally and potentially open the way toward the psychological $100 level.
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XRP Analysis
XRP has suffered a significant technical setback, falling toward $1.43 after spending several weeks consolidating around $1.50. The latest daily candle has pushed the asset below its rising short-term moving average, making the next support zone increasingly important.
XRP's September rally peaked around $1.65 before buyers repeatedly failed to produce another breakout. Price subsequently formed several lower highs around $1.55, $1.53, and $1.52, indicating gradually weakening demand.
A medium-term moving average sits around $1.40, while additional long-term support is concentrated near $1.37-$1.38. This makes the $1.37-$1.40 region particularly important for the broader trend.
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Zcash Analysis
Zcash is attempting to stabilize after one of the strongest rallies among major cryptocurrencies turned into a substantial correction. ZEC currently trades near $1,325, down roughly 22% from its recent peak around $1,700.
The correction itself is significant, but the broader technical structure has not collapsed. ZEC remains well above its medium- and long-term moving averages after rising from roughly $500 in August.
The problem is that short-term momentum has changed dramatically. After reaching the $1,650-$1,700 region, ZEC produced a sequence of lower highs and lower lows, eventually falling toward $1,300.
A decisive daily close below $1,280-$1,300 could extend the correction toward $1,200-$1,170, where the next rising moving averages provide considerably stronger structural support.