Is Jupiter’s Next Leg Up Coming? Crypto Analyst Weighs In As JUP Surges 13%
25 Março 2024 - 8:00PM
NEWSBTC
Jupiter (JUP) has had a remarkable month, with its price
skyrocketing over 150% in the last 30 days. Amid the crypto market
slowdown and some controversies, JUP’s performance has maintained
momentum. Related Reading: Solana Tokens Among Top Gainers: JUP and
WEN Soar Over 12%, WIF Hits New ATH Crypto Analyst Sees “Decent”
Entry Spot For JUP Jupiter’s JUP started the month trading around
$0.63 and has seen the price jump 106% in 25 days. The token’s
performance this month showed sideways price action before climbing
to a new support level twice, which could suggest that another
price surge is possible despite the turbulent week. In an X post,
renowned crypto analyst Altcoin Sherpa commented on JUP’s most
recent performance as he wondered about the possibility of a leg
up. $JUP: Wondering if next leg is coming for JUPITER…consolidation
and looks ok + btc looks somewhat stable (for now). Might be a
decent spot entry here. pic.twitter.com/uE8IHblbFY — Altcoin Sherpa
(@AltcoinSherpa) March 25, 2024 The analyst shared JUP’s price
chart, which displayed the token’s sideways movement inside the
$1.12-$1.47 price range for the past few days. The chart shows that
the consolidation phase started after the token’s price jumped and
unsuccessfully tested the $1.50 resistance level on March 16. After
a pullback to the $1.20 mark, JUP retested the resistance zone
again on March 18, briefly reaching $1.60, but ultimately failed to
maintain it. Following the unsuccessful attempts to climb, the
price dipped even lower to the $1.10 support zone in the following
days. Since then, JUP has bounced back, hovering between the
$1.15-$1.25 zone. The recent price consolidation looks “ok,”
according to the analyst. He further highlights Bitcoin’s current
stability, seemingly suggesting to Sherpa that JUP could repeat its
March trajectory. As a result, the analyst deems this moment as a
“decent entry spot” for Jupiter’s token. Additionally, he has shown
a positive sentiment towards JUP before, calling the token a
“winner” that’s “gonna keep on winning.” winners gonna keep on
winning. $PYTH and $JUP are some of the great ones.
pic.twitter.com/nL4BmzxFJo — Altcoin Sherpa (@AltcoinSherpa) March
16, 2024 JUP’s Price Action Recently, JUP’s Community showed some
concerns after its co-founder Meow announced a controversial
decision. Meow revealed on X that Jupiter would donate the SLERF
limit order and DCA fees to the token’s presale participants. This
decision was taken without consulting the community, a crucial part
of the project. After the criticism, Meow explained that “no JUP
tokens were involved in the donation and, despite the turbulence in
the community, JUP’s price didn’t seem to be affected.” It’s worth
noting that Bitcoin’s price showed stabilization signs over the
weekend, as highlighted by Sherpa. This matters as JUP followed
BTC’s trajectory closely over the last week. As the chart below
shows, the Solana-based token mimicked the moves of the flagship
cryptocurrency. JUP and BTC's price performance over the last 7
days. Source: CoinGecko In the last 24 hours, Jupiter’s trading
volume has surged 64.1%, with $214.7 million being traded.
According to CoinMarketCap data, JUP’s market capitalization
increased 8.5% in the past day, placing the token as the 65th
largest cryptocurrency by this metric, with $1.77 billion. Despite
the negative 3.5% performance in the past week, the token exhibits
a significant 71.8% price jump in the biweekly timeframe. At the
time of writing, JUP is trading at $1.33, a 13.2% surge in the last
day. Related Reading: Social Media Storm Gives Dogecoin 14% Price
Boost – Details Jupiter's performance in the 3-day chart. Source:
JUPUSDT on Trading.view.com Featured Image from Unsplash.com,
Chart from TradingView.com
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