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Can Enhanced Sentiments Propel Jupiter Back To Its Monthly High?

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Jupiter was down for the last four intraday sessions after suffering a rejection from higher levels. Nonetheless, a resurgence of buying interest has emerged, leading to a notable recovery in its value.

At press time, the cryptocurrency was trading around the $1.1 mark, having achieved a prompt rise of 1.34% intraday. Additionally, there’s a noticeable uptick in development activity.

Taking into account all these elements, let’s delve deeper to discern the potential trajectory of Jupiter crypto price.

Significant Improvement in Development Activity!

According to information from the financial analytics platform app.santiment.net, there’s a noticeable upward trend in the development activity curve. The past month has seen a surge exceeding 50% in this area. This significant increase points to the likelihood of substantial updates and enhancements in the near future.

Moreover, this heightened development activity is a measure of the ongoing projects and advancements within the cryptocurrency space. It serves as an indicator of the cryptocurrency’s potential for sustained growth over time.

The JUP/USD 1-D Chart Reveals an Interesting Channel Pattern

The daily chart for Jupiter reveals an ascending parallel channel pattern, with the price oscillating between the channel’s upper and lower limits. The cryptocurrency recently faced a setback at the channel’s upper edge, prompting a move towards the lower edge for potential support.

   

Currently, the $1.5 mark is serving as a significant resistance level, while $0.9 is providing substantial support.

Now, as long as Jupiter crypto’s price action remains within this channel, it’s expected to respect these boundaries as its primary support and resistance zones. A decisive move beyond the channel’s confines could signal a definitive trend direction for the cryptocurrency.

Conclusion

Jupiter (JUP) experienced a downturn in four sessions but has seen a 1.34% recovery to $1.1. Moreover, the development activity has spiked by over 50%, hinting at major upcoming updates. This activity suggests long-term growth potential. 

Furthermore, the daily chart shows a rising channel pattern, with current resistance at $1.5 and support at $0.9. Stability within this channel could maintain the current support and resistance levels, while a breakout could indicate a new trend for Jupiter’s price.

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