Date: Tue, March 04, 2025 | 09:57 AM GMT
In the cryptocurrency market, the sell-off triggered by Trump’s tariff announcement has intensified, causing Bitcoin (BTC) and Ethereum (ETH) to drop 9% and 11% in the past 24 hours. This sharp decline has effectively erased Sunday’s “crypto strategic reserve” pump, pushing the market further into bearish territory.
As a result, altcoins have also come under pressure, with Internet Computer (ICP) and Jupiter (JUP) experiencing significant losses. ICP has fallen 12%, while JUP has plunged 15%, extending their monthly corrections to an average of 30%.
Both tokens are now testing critical support levels, raising concerns about whether they will rebound or face deeper declines.
Internet Computer (ICP)
ICP’s weekly chart paints a clear picture of prolonged bearish pressure. The price has been trapped within a descending triangle pattern for nearly a year. After reaching a high of $15.59 in early December, it faced strong rejection from the upper trendline, leading to a continued correction.
Now, ICP has dropped to a major support zone around $5.95—a level that has previously triggered strong rebounds. Currently, the price is hovering just above this crucial level, suggesting a potential bounce. If buyers step in, a successful rebound could push ICP toward the 100-day Simple Moving Average (SMA), potentially signaling a shift in trend.
However, if this key support fails, the next major support sits at $4.12, opening the door for deeper declines.
Jupiter (JUP)
Much like ICP, JUP has been trading within a descending triangle pattern for the past year. The latest downturn, which began in early December after a rejection at $1.44, has pushed JUP even lower, deepening its correction.
Currently, JUP is testing a key support zone at $0.63—a level that has previously acted as a strong demand zone. If this support holds, we could see a rebound in the near term. The first hurdle for bulls would be reclaiming the 25-day Moving Average (SMA). A decisive breakout above this level could confirm a trend shift and put JUP on track for a recovery.
On the flip side, if the support at $0.63 fails, the next major level to watch is $0.44, which could mean even more downside ahead.
What’s Next?
Both ICP and JUP are at make-or-break levels, and their next moves will largely depend on the broader market sentiment—particularly Bitcoin and Ethereum’s price action.
Technical indicators like the MACD still show bearish signals, but a bullish crossover could hint at a potential reversal in the coming weeks. For now, as long as ICP and JUP hold their crucial support zones, there’s still hope for a rebound. However, if these levels break, steeper declines could be inevitable.
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