Date: Tue, March 11, 2025 | 12:22 PM GMT
The cryptocurrency market continues to face strong bearish pressure, extending a correction phase that began after the rallies of late 2024. In the last 24 hours alone, Ethereum (ETH) has plunged over 10%, sliding from its December high of $4,000 to $1,900, putting significant strain on altcoins.
Among those feeling the heat are Jupiter (JUP) and The Graph (GRT), both of which have declined sharply — over 54% and 67%, respectively, in the last 90 days.
Both tokens have now approached key support zones with similar price action, raising the question: is this an accumulation opportunity?
Jupiter (JUP)
On the weekly chart, JUP is making a correction within a descending triangle pattern as well as a falling wedge structure. The rejection from its December 2 high of $1.44 has pushed JUP into a sharp downtrend.
This correction has now led JUP to test a crucial support zone at the bottom of both the triangle and the wedge around $0.047 (highlighted in green). This level represents a historical low, making it a key area to watch.
The MACD indicator is currently showing a deep bearish trend with red histogram bars, indicating that selling pressure remains dominant. However, if buyers step in and defend this support zone, JUP could attempt a recovery toward the 25 MA resistance level.
The Graph (GRT)
Similar to JUP, GRT is undergoing a correction within a descending triangle and falling wedge structure on the weekly chart. A rejection from its December 2 high of $0.34 has led to a steep decline.
The correction has now brought GRT to a crucial support zone around the $0.080 range (highlighted in green), marking its lowest point in recent months. The MACD is currently bearish, showing red histogram bars and signaling continued downward momentum. However, if buyers defend this support zone, GRT could initiate a recovery toward the 25 MA resistance level.
An Accumulation Opportunity?
With both JUP and GRT at critical support levels, traders and investors are closely watching for signs of accumulation. If these support zones hold, there is potential for a bullish reversal in the coming weeks. However, if the support fails, further downside could be in play.
As always, traders should exercise caution and conduct their own research before making any investment decisions.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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