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ZRX and JUP Defy Bitcoin’s Correction With Over 30% Gains

Last Updated March 20, 2024 12:32 PM
Valdrin Tahiri
Last Updated March 20, 2024 12:32 PM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • 0x Protocol (ZRX) and Jupiter (JUP) are the best performing altcoins since March 13.
  • JUP had its best performance on March 15 and reached its all-time high price on March 18.
  • ZRX is still more than 90% below its all-time high but has nearly tripled in price in the past two weeks.

The cryptocurrency market has fallen by nearly 20% since March 13, while Bitcoin has decreased by 14%. The difference in the rates of decrease shows that the altcoin market experienced a sharper downturn compared to BTC.

Nevertheless, there are several altcoins that bucked the trend, posting a positive performance. ZRX and JUP took the lead with over 30% gains. If the BTC price reaches a bottom soon, will these two altcoins lead the pack as the crypto market begins a resurgence?

Which Coins Have Performed the Best During Bitcoin’s Fall?

The BTC price has corrected since reaching its all-time high of $73,679 on March 13. So far, the decrease has amounted to 14%. It is common that other altcoins mirror Bitcoin’s movement during sharp downturns, and they fall at an even more accelerated rate.

While this has been the case with most coins ranked in the top 100, ten coins have in fact outperformed Bitcoin during this drop. Six of them have even posted positive performances during this decrease. In order, they are: JUP, ZRX, FTM, SOL, CFX, APT and PYTH.

Bitcoin and Altcoin Correction Comparison
Custom Hourly Chart: Credit – TradingView

SOL, APT and CFX are blockchains, while JUP and PYTH are tokens in in Solana’s ecosystem. This could be a sign that these two will be the best performing narratives once the BTC price stabilizes.

Out of these cryptocurrencies, JUP and ZRX are leading the pack with over 30% increases. No other coin has increased by more than 15%.

JUP Price Reaches All-Time High

JUP reached its all-time high price of $1.61 on March 18. Unlike BTC, who reached its all-time high on March 13, JUP increased significantly from March 13 to 18. In fact, March 15 was the highest daily increase since the day of its listing.

The wave count suggests that JUP is in wave four of a five-wave upward movement. The price is between the 0.382-0.5 Fib retracement support levels, a likely level for the correction to be completed.

JUP Price Defies Correction
JUP/USDT Six-Hour Chart: Credit – TradingView

If the count is correct, JUP will soon confirm its bottom and gradually increase toward a new all-time high. A potential target is at $1.89, created by the 1.61 external Fib retracement of the drop.

A daily close below the $0.85-$0.88 support, created by a horizontal support area and the 0.618 Fib retracement support level would put this count at risk and could lead to further downside.

ZRX Price Triples in March

The ZRX price has been on a tear since the beginning of March. In a span of two weeks, it increased by 340%, culminating with a high of $1.43 before falling slightly.

ZRX now trades at a critical horizontal level of $1.20. Previously, the area had provided resistance since June 2021. Whether ZRX breaks out above it or gets rejected can be key in determining if the future trend is bullish or bearish.

ZRX Price Attempts Breakout
ZRX Weekly Chart: Credit – TradingView

The weekly RSI does not show any weakness. To the contrary, the indicator is increasing and has not generated any bearish divergence, a sign that supports the possibility of the upward movement continuing.

ZRX and JUP Primed to Break Away

To conclude, ZRX and JUP have maintained their gains despite a significant BTC price correction. Coins that perform well during decreases are often the first ones to begin upward trends once the BTC price stabilizes. Along with their positive technical readings, this bodes well for the future outlook of ZRX and JUP.

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