The cryptocurrency market is experiencing a prolonged correction phase, especially notable in Ethereum and certain altcoins like JUP and HYPE.
Overview of the Cryptocurrency Market
The cryptocurrency market is facing a significant correction phase. Ethereum (ETH) posted its worst first-quarter decline since 2018, down nearly 45%. This has put pressure on altcoins, particularly Jupiter (JUP) and Hyperliquid (HYPE), which have lost over half of their value in the past 90 days.
JUP and HYPE Chart Analysis
JUP's daily trading chart shows a clear downward trajectory since reaching a peak of around $1.84. Following an extended descending triangle and several failed bounce attempts, the price decisively broke below the support level near $0.43. Currently, JUP has fallen over 79%, hitting a new all-time low of $0.3584. The MACD remains in bearish territory, with no signs of divergence or momentum reversal, indicating continued selling pressure.
Meanwhile, the HYPE chart displays strikingly similar behavior. After a peak around $35.37, HYPE has dropped over 67%, now trading near $11.46, hovering above a key historical demand zone. Although HYPE hasn't broken down yet, its chart structure is closely resembling JUP's pre-breakdown pattern, raising additional concerns.
Outlook for JUP and HYPE
JUP has already broken support and may look to retest previous support-turned-resistance around $0.60 if a relief rally occurs. HYPE, on the other hand, is still holding above support, but any breakdown below $10.44 could quickly mirror JUP’s steep decline. Watching for volume spikes, bullish divergence on the MACD, or reclaiming key trendlines could provide early reversal signals.
The cryptocurrency market remains under significant correction pressure, with JUP and HYPE facing critical support levels. Time and momentum currently do not favor bulls.
