Hyperliquid (HYPE) and Zcash (ZEC) are engaged in an intense ranking battle near the bottom of the cryptocurrency top 10 by market capitalisation, blockchain outlet U.Today reported on Monday.

Hyperliquid is ninth with a market cap of $19.78 billion, while Zcash is 10th with $19.22 billion. The gap between the two assets is only about $560 million, meaning the ranking could change with short-term price moves alone.

Both assets have weakened over the past week based on price action. Hyperliquid fell 5.16 percent over the week to $77.90, and Zcash slid 4.50 percent over the same period to $1,135.89. Both lagged Bitcoin (BTC), which fell 2.23 percent, but showed similar or better performance compared with Ethereum (ETH), which declined 4.66 percent.

Zcash led on turnover. Zcash trading volume was tallied at $715.21 million, versus $541.44 million for Hyperliquid. That means buy and sell interest is more heavily concentrated in Zcash.

On charts, both assets have shown a shared pattern of cooling since peaking in late September. Hyperliquid rose to around $98 in late September before turning lower, and it is now trading around $77, the 100-day moving average. That zone has previously acted as support. Market participants have discussed the possibility that buying demand will defend that price level. If it breaks, the next key support zone was put near $67, the 200-day moving average.

Momentum indicators are also not strong. Hyperliquid's relative strength index, or RSI, is around 40. It is not in oversold territory but is interpreted as weak. To revive an upward move, it would need to regain the $82 to $83 zone.

Zcash has moved by a wider margin. Zcash jumped from about $500 in August to nearly $1,700 in September for a rise of more than 200 percent, but the subsequent correction was also steep. The price at one point fell to around $1,050 before rebounding slightly.

Zcash is currently trading below its 50-day moving average of $1,180. That zone has turned into resistance. By contrast, around $1,000, the 100-day moving average, was presented as key support, and the 200-day moving average sits lower near $790. The RSI remains in neutral territory at around 45.

The structure of the two assets is similar, but the distance to support differs. Hyperliquid is already testing the 100-day line, while Zcash still has room to fall further before its main support level. That is also the turning point in the ranking battle. If Hyperliquid rises above $82, it can widen the market-cap gap, while if Zcash moves above $1,200, the 'privacy coin' could regain the lead.

Ultimately, the battle for ninth place depends on who rebounds first. With both assets entering a cooling phase after the September surge, the one that breaks through a short-term recovery zone first is expected to secure an edge in the market-cap rankings as well.