Date: Fri, February 7, 2025 | 04:20 PM GMT
In the cryptocurrency market, major altcoins have been struggling to hold their ground since the November rally. Many altcoins have undergone a steep correction, largely influenced by the rapid rise in BTC dominance, which continues to add bearish pressure.
Among the hardest-hit altcoins are Internet Computer (ICP) and Arweave (AR), both of which have experienced substantial drops of 46% and 59%, respectively, in the past 60 days.
However, with the latest US jobs data report showing an strong labor market—where the unemployment rate fell to 4.0% instead of the projected 4.1%—the crypto market has reacted positively. As a result, both tokens are currently trading in the green, testing key support levels.
Internet Computer (ICP)
The weekly chart for Internet Computer (ICP) indicates consolidation within a descending triangle pattern. The recent downtrend, which started on December 2, was triggered by a rejection at the upper resistance trendline around $15.84.
This decline pushed ICP down to a major support zone within the triangle, reaching a low of $6.00, aligning with the lower level of the zone. However, the price has held firm and is now trading around $7.00. Previously, this level acted as a strong rebound zone, and if it repeats itself, ICP could see a bounce from this support.
A bounce and breakout above the 100-day SMA would confirm further bullish momentum, with the upper resistance trendline as the next key target.
Arweave (AR)
The weekly chart for Arweave (AR) indicates consolidation within a descending triangle and a falling wedge pattern. The recent downtrend, which started on December 2, was triggered by a rejection at the upper resistance trendline around $29.02.
This decline pushed AR down to a major support zone within the triangle, reaching a low of $8.56, aligning with the wedge’s lower boundary. However, the price has held firm and is now trading around $9.70. Earlier, this level had acted as a strong rebound zone, and if it repeats, AR could see a bounce from this support.
A breakout above the 100-day SMA would confirm further bullish momentum, with the upper resistance trendline as the next key target.
Is a Bounce Back Ahead?
Both ICP and AR are showing resilience at their key support levels. Their next moves will largely depend on Ethereum (ETH) and the broader crypto market sentiment. If ETH continues its recovery, it could provide the momentum needed for altcoins like ICP and AR to confirm a breakout and start a new bullish trend.
The MACD on both charts is bearish but showing signs of weakening momentum, indicating a potential reversal if a bullish crossover occurs.
Disclaimer
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