Internet Computer (ICP) and Jupiter (JUP) at a Critical Juncture: Will They Rebound or Face More Downside?
As the cryptocurrency market continues to struggle amid broader economic pressures, Internet Computer (ICP) and Jupiter (JUP) are facing crucial make-or-break moments. These two altcoins have experienced significant losses, with ICP and JUP testing key support levels that could determine whether they will rebound or head toward further declines.
Internet Computer (ICP): Testing Critical Support
Internet Computer (ICP) has been under intense bearish pressure over the past year. After peaking at $15.59 in early December, ICP faced strong resistance and has since corrected significantly, with the price now hovering around $5.95. This level has historically been a critical support zone, sparking strong rebounds in the past.
ICP’s weekly chart reveals a prolonged downward trend, as the coin has been trapped within a descending triangle pattern. The current price is teetering just above this crucial support level, raising the question: Will buyers step in to reverse the trend?
If ICP holds this support and a rebound occurs, the next target for bulls will be the 100-day Simple Moving Average (SMA), signaling a potential trend shift. However, if this level fails to hold, the next major support lies at $4.12, which could lead to even deeper declines.
Jupiter (JUP): A Similar Struggle for Recovery
Jupiter (JUP) is facing a similar predicament. After experiencing a significant downturn from its $1.44 peak in December, JUP has dropped sharply, and now it is testing a key support zone at $0.63. This level has previously acted as a strong demand zone, and if it holds, there could be a potential rebound in the near term.
JUP’s weekly chart shows that the coin is also trapped within a descending triangle, mirroring ICP’s price action. The first hurdle for JUP bulls would be reclaiming the 25-day Moving Average (SMA). A decisive breakout above this level could confirm a trend shift and signal a potential recovery.
However, if the $0.63 support fails, the next significant support lies at $0.44, which could lead to further downside.
What’s Next for ICP and JUP?
Both ICP and JUP are at a crossroads. The next moves for these altcoins will largely depend on the broader market sentiment, especially the price movements of Bitcoin (BTC) and Ethereum (ETH).
Technical indicators, such as the MACD, are currently showing bearish signals. However, if a bullish crossover occurs, it could indicate a potential reversal in the coming weeks.
For now, as long as ICP and JUP hold their critical support zones, there is still hope for a rebound. But, if these levels are breached, both coins could face steeper declines, reflecting the broader market’s volatile nature.
Final Thoughts: Will Support Levels Hold?
As ICP and JUP test their make-or-break support levels, traders and investors will need to monitor the situation closely. The outcome will depend on whether these levels can hold, providing a foundation for a potential rebound, or if further downside looms. Either way, the next few days will be critical in shaping the future of these altcoins in the current market environment.
