Jupiter (JUP) token witnessed a noteworthy recovery of over 30% from its demand zone and breached its downward sloping trendline hurdle of $0.8000.
Following the market recovery and Solana’s outperformance, Jupiter joined hands with SOL. Based on its blockchain, the DeFi token defied the selloff and overcame the selling pressure.
Technical Indicators Highlight Buying Pressure
After a classical bearish trend, accompanied by lower low swings, JUP has reached its pivot demand zone of $0.7000. From there, buyers somehow managed to regain their strength and accumulated the token.
Fueled by the buying pressure, the token displayed volume support of over 43% intraday, reflecting a surge in demand.
JUP escaped a descending triangle pattern, in a fresh higher high swing and is on the verge of a breakout rally.
Once it crosses the foremost hurdle of $0.9000, a rally toward the $1 mark could be seen shortly. However, the sellers have tried their best to defend the 100 day EMA from the bulls.
Press Time Overview
At press time, the Jupiter token was trading at $0.8675 with an intraday surge of 3.36%, reflecting neutrality on the chart. It has a monthly return ratio of -0.90% and 2817.20% yearly, suggesting its in a long-term uptrend.
The pair of JUP/BTC is at 0.0000136 BTC, and the market cap is $1.17 Billion. Analysts are neutral and suggest that JUP may breka out and that it could reach the round mark $1.
JUP Yet to Reclaim $1 Mark
After a significant drop and profit booking from the higher levels, bulls have settled their vision on the $1 mark to reclaim soon.
In the first week of July, bulls broke out and reached the $1 mark. However, soon after, a rejection and a long inverted hammer candlestick was noted.
This was the bulls’ second attempt who are trying to shift the momentum above the 100 day EMA to approach the $1 mark soon.
The daily RSI curve rose beyond the halfway line and a positive crossover was exhibited on the chart, reflecting positive momentum.
Decline in Popularity
Despite the price rebound, investor interaction hasn’t favored the tokens’ growth. The weighted sentiment data is in the negative region.
Nonetheless, investor activity on social media platforms displayed a major drop, as indicated by the social dominance curve drop of over 13% this week.
This negative data implies a negative shift in the dynamics, which might impact the token’s growth in the short term.
Developers Activity Data
For the past two weeks, the developers activity data has shown a notable decline of over 12%, highlighting a decline in the growth aspects on a short term.
The developers & contributors data rose over 5% this week signifying steady participation of the community members and developers.
The immediate support levels for JUP are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3.
JUP climbed above the 20-day EMA mark and is trying to overtake the 100-day EMA mark for a significant rise. Once it crosses the 100-day EMA, a rally toward the $1 mark could seen.
