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- 1 Jupiter token price sharply rebounded from the lows and is heading toward the $1 mark.
- 2 Buyers are aggressively accumulating the token, signifying the bullish momentum.
The Jupiter token (JUP) price signifies a massive recovery from $0.4500 and jumped over 105% last month. This sharp bounce trapped the sellers and short covering movements were noted on the charts. The price action indicates an intense follow-on buying momentum and a V-shaped reversal was noted. Additionally, the bulls are looking to stretch the rebound above the $1 mark and are eyeing the 52-week high mark of $1.30 to retest.
At press time, the Jupiter token (JUP) price was trading at $0.9525 with an intraday gain of 9.78%, indicating a rebound on the charts. It has a weekly return ratio of 60.98% and 41.89% on a yearly basis. The pair of JUP/BTC is at 0.0000129 BTC, and the market cap is $1.26 Billion. Analysts are neutral and suggest the JUP token price has gained momentum and will soon cross the all-time high mark of $1.30.
Jupiter Token Gaining Traction, Are Sellers Trapped?
The Jupiter token (JUP) price has sharply reverted the gains and started outperforming in the last few sessions. Following the surge in the crypto market, the token has witnessed fresh volume buying activity and jumped over 100% this month. The trading volume spiked over 90% to $454.53 Million in the last 48 hours reflecting buying momentum on the charts.
Price Volatility Gaining Heights, Can JUP Reach The BlueSky Zone Above $1 Mark?
This week, the token has glimpsed massive volatile moves and is skyrocketing gains replicating the buying interest. The volatility curve keeps fluctuating and is noted at 0.054; a surge of over 30% this week was reported. Additionally, the total weighted sentiments noted stable moves and are close to the midline of -0.157, indicating that investors are entering the token and looking for it positively.
Social Dominance and Development Activity Overview
The above data indicates an incremental move in social dominance, and the curve rose to 0.423%, revealing the impressive outlook of the discussions and the reports on social media platforms. However, the development activity data indicated a spike of over 210% to 9.86 this month, revealing the positive development.
What Does RSI And Open Interest (OI) Value Indicate?
Following the sharp rebound and a notable surge of over 10% in the intraday session, the relative strength index (RSI) curve skyrocketed to 79. It stayed in the overbought zone, whereas the market cap rose to $1.25 Billion. The derivative data signifies a long buildup activity, and the open interest (OI) increased by 18.89% to $90.78 Million.
The token has a total supply of 10 billion and has a volume-to-market ratio of 0.359. Per the Fib retracement data, the token has surpassed the 61.8% zone and is heading toward the 78.6% region.
Summary
The Jupiter token (JUP) has given a sharp pullback from the demand zone of $0.400 and decisively retained the bullish region. Additionally, the sellers are looking trapped, and buyers will continue to stretch the up move and may succeed in crossing the $1 mark soon.
Technical Levels
Support Levels: $0.9400 and $0.9200
Resistance Levels: $1 and $1.20
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
