Top Crypto Gainers: Hyperliquid rallies as Pump.fun and Zcash hit key resistance

• Hyperliquid gains 8% on Wednesday, amounting to a roughly 50% rally so far this week.
• Pump.fun approaches a key resistance level after following a 17% surge on Tuesday.
• Zcash faces headwinds at $400 after recording over 20% gains in the last two days.

Hyperliquid (HYPE), Pump.fun (PUMP) and Zcash (ZEC) are among the top gainers over the last 24 hours, as Bitcoin’s (BTC) minor recovery on Tuesday eases pressure on the broader cryptocurrency market. Hyperliquid rally crosses above $30 while PUMP and ZEC approach crucial resistance levels. Technically, altcoins are likely to post further gains with sustained momentum this week, potentially leading to breakout rallies. 

Hyperliquid’s rally crosses the 200-day EMA

Hyperliquid hovers around the 200-day Exponential Moving Average (EMA) at $32.91, recording three consecutive days of recovery. At the time of writing, HYPE is up 8% on Wednesday, building on the 23% gains from Tuesday. 

If the exchange token sustains above $32.91, it would likely test a crucial resistance level at $35.51, which capped gains in early December.

The Moving Average Convergence Divergence (MACD) crosses above the signal and zero lines with a parabolic rise, boosting positive histogram bars and signaling intense bullish momentum. At the same time, the Relative Strength Index (RSI) at 70 hits the overbought zone, indicating that buying pressure has reached critical levels.

On the flip side, if HYPE reverses from the 200-day EMA, it could test the 100-day EMA at $30.62.

Pump.fun hits a key resistance wall

Pump.fun trades above $0.003000 at press time on Wednesday, following a 17% hike on the previous day. The Solana-based meme coin launchpad rises toward a key resistance at $0.003399, marked by the November 20 high. 

If PUMP clears this level, it would open the door to $0.004842, last tested on November 11, which would indicate an upside of over 40%.

The MACD and signal line grow after the crossover on Monday, with the histogram widening above the zero line, indicating a rise in bullish momentum. At the same time, the RSI at 62 shows a steady increase in buying pressure with room on the upside before reaching the overbought zone.

On the downside, a potential reversal in PUMP could test the $0.003000 round figure close to the 100-day EMA at $0.002939.

Zcash’s recovery stalls near $400

Zcash faces headwinds at the $400 round figure close to the 50-day EMA at $413, capping the two-day recovery of 21% in the privacy coin. At the time of writing, ZEC consolidates above the 100-day EMA at $387 with a 1% pullback on Wednesday. 

If ZEC slips below $387, it would likely extend the decline to a declining support trendline connecting the December 24 and January 19 lows, near $312.

The MACD rises above the signal line, while both remain below zero, signaling a renewed bullish recovery momentum. Meanwhile, the RSI at 48 indicates a neutral shift from bearish.

However, if ZEC crosses above the 50-day EMA at $413, it would target the resistance trendline near $435 with a higher zone near the $500 psychological level.