JUP, the token that powers the decentralized exchange (DEX) Jupiter, has made a big splash after a long-awaited airdrop. The platform’s generous giveaway created a buzz, attracting attention from major exchanges like Binance, Bithumb, and OKX.
Now, investors and traders are wondering what the future holds for JUP Token’s price. JUP Token’s price has been on a downward trend since reaching its all-time high (ATH) of 0.0212 on Jan. 30, dropping by 87%. This decline coincides with the rise of the Solana blockchain’s meme tokens, such as SMOG and Honk, which are gaining popularity.
The performance of the token is in the downtrend drop by 8.30% and down by almost 24.68% in the month. The technicals are pointing towards buying demonstrating bullishness on the chart.
The Jupiter Price Overview: Technical Charts
Jupiter’s price has been consolidating over the weekend after a sharp fall. The 4-hour timeframe also shows a small phase. The bulls have faced resistance at the $0.55 supply zone, giving the bears the upper hand to push the price lower.
However, the bulls have shown some strength in the previous sessions, bouncing back and trying to reach the 20-EMA level but failed. A slight increase in the momentum could make the price break out of the bearish grip, confirming a bullish rally for Jupiter’s price.
Currently, the falling price reinforces the bearish movement, forcing the price into a downtrend. However, there are signs of a possible buy move to the upper levels at $0.5400 in the short term.
If the bearish momentum persists, the bulls could find significant support around the $0.478 level,against downward pressure.
JUP investors are avoiding the fear of missing out. Inadequacy is developed in the crypto market to gain more investors and creditors. It is better to keep it at arm’s length as this may result in one of the emerging reasons for market volatility.
Summary
JUP crypto price is bearish on the daily technical chart. EMAs didn’t support the price on the daily time frame chart. Jupiter crypto needs more buyers to surge from the current level and start the recovery phase. The crypto is facing selling pressure as it is struggling to continue at the present level. Moreover, volume is below average.
Technical Levels
Support Level: The most immediate support level for the JUP crypto price is $0.43844.
Resistance level: The most immediate resistance level for the JUP crypto price is $0.52477.
