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ThecoinrepublicCryptocurrencyJupiter (JUP) Price Skyrockets On This Crypto...
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Jupiter (JUP) Price Skyrockets On This Crypto Exchange, Why?

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In the last session, JUP observed a long rejection doji candlestick, which showed buyers’ anticipation of registering a massive breakout soon. Per yesterday’s price move, the token was eyeing for something big to showcase ahead.

At press time, the Jupiter token was trading at $0.7887 with an intraday drop of 1.26%, reflecting neutrality on the chart. It has a monthly return ratio of -26.30% and 2653.20% yearly, reflecting short-term profit booking.

The pair of JUP/BTC was at 0.0000135 BTC, and the market cap stood at $1.07 Billion. Analysts are neutral and suggest that JUP may break out of a range and retain the mark of $3.

Jupiter (JUP) Looks Promising: Could it Rally Ahead?

The Jupiter token has been trading in a downtrend for the past few weeks, but buyers had established a strong grip around the $0.7500 mark and decisively held the gains. 

In yesterday’s session, buyers attempted to split the zone but could not surpass the cluster of $1 and faced rejection. However, the token looks promising and is ready for a surprising move ahead.

Buyers would gain momentum once it crosses the $0.9000 mark, and a sharp, bullish move could be seen ahead. Notably, a trend reversal is on the horizon, and a falling wedge breakout was also observed on the chart.

JUP Price Volume Chart | Source: Santiment

Intraday trading volume surged over 102.30% to $133.54 Million, highlighting investor interest with a strong volume participation.

Notably, the RSI curve produced a positive crossover for the key technical indicators, while the MACD indicator revealed a bullish outlook for the coming sessions.

Uptick in Weighted Sentiment Data Reveals Optimistic Outlook

Per the Santiment data, the weighted sentiment data reflected a massive rise of over 220% to 1.236, highlighting a positive sentiment among investors.

Weighted Sentiment Chart | Source: Santiment

However, the price volatility data remained flat around the 0.024 mark, implying a steady price movement this week. A tweet by @TubbingsW highlighted that JUP displayed a massive spike due to an egregious amount of buying. 

JUP Price Movement Chart | Source: X

Social Metrics and Development Data Insights

The social dominance data displayed a remarkable rise of over 11% to 0.22%, indicating neutral discussion activity on social media platforms.

Social Dominance data | Source: Santiment

Meanwhile, the development activity data consistently rose and reached the 90 mark, giving a positive outlook.

Massive Increment in Futures OI Data

Amidst the price rejection from the $1 mark, a sharp surge in the open interest data suggests that the token could bounce.

JUP

OI Data By Coinglass

The open interest value spiked over 33.20% to $61.72 Million in the last 24 hours, revealing the long buildup activity.

The immediate support levels for JUP are $0.7600 and $0.7400, whereas the key upside hurdle is around $0.8000, followed by $0.8400

JUP Crypto Price Displayed a Massive Rise

The JUP token price retained the 20-day EMA mark and is eyeing a massive rise. The price action indicates that a trend reversal is imminent.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Nancy J. Allen
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and a minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
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