Date: Sun, April 06, 2025 | 10:20 AM GMT
The cryptocurrency market has been struggling with an extended correction phase, where Ethereum (ETH) itself recorded its worst Q1 decline since 2018—down nearly 45%. This widespread weakness has added heavy pressure on altcoins.
Among the hardest-hit are Jupiter (JUP) and Hyperliquid (HYPE), both of which have shed more than half their value in the past 90 days. JUP has already crashed to fresh all-time lows, while HYPE is now flirting with a similar fate as its chart starts to mirror JUP’s breakdown structure.
JUP and HYPE Chart Analysis
On the left, Jupiter’s daily chart shows a clear downward trajectory since peaking near $1.84. After a prolonged descending triangle and several failed bounce attempts, the price decisively broke below the long-standing support near $0.43, triggering a massive sell-off.
JUP has now lost over 79% from its peak, hitting a new all time low of $0.3584 as highlighted in the chart. The MACD remains in bearish territory, with no sign of divergence or momentum reversal yet—suggesting bearish pressure is still in control.
Meanwhile, on the right, Hyperliquid is showing strikingly similar behavior. After topping around $35.37, HYPE has dropped over 67%, and now trades near $11.46, hovering above a key historical demand zone (green box).
While HYPE hasn’t broken down—yet—the structure looks dangerously close to JUP’s pre-breakdown pattern. The repeated lower highs and the descending trendline are putting increasing pressure on the support. The MACD is deeply negative, and momentum appears to be weakening.
The red circles on both charts mark the critical juncture where decisions are made—breakdown or bounce. In JUP’s case, the breakdown is done. For HYPE, the next few candles could define whether bulls can defend the $10–$12 range or capitulate toward lower levels.
Breakout? Bounce? Or Breakdown Next?
- JUP has already broken down and may look to retest prior support-turned-resistance around $0.60 if a relief rally appears.
- HYPE, on the other hand, is still holding above support, but any breakdown below $10.44 could quickly mirror JUP’s steep descent.
- Watch for volume spikes, bullish divergence on MACD, or reclaim of key trendlines for early signs of reversal.
While both charts appear to be under heavy distribution, HYPE bulls still have a chance to flip the script—but time and momentum are not in their favor.
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