I'm trying to make next animation: logo should be revealed by the div moving down. Div has a transparent background.
Is it possible to hide overlaying part of logo behind transparent div?
<div class="transparent">Some content</div>
<div class="logo"></div>
.transparent { position: relative }
.logo { position: absolute }

I very much doubt if you could clip or mask anything behind a transparent element.
So, perhaps you need to rethink the "hiding behind" part and consider other options.
Perhaps animating the height:
* {
padding: 0;
margin: 0;
}
.transparent {
height: 2em;
line-height: 2em;
border-bottom: 1px solid grey;
position: relative;
}
.logo {
height: 0;
background: orange;
position: absolute;
top: 100%;
width: 100px;
transition: height 0.5s ease;
}
.transparent:hover .logo {
height: 25px; /* assuming height is known */
}
<div class="transparent">Some content
<div class="logo"></div>
</div>
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