John Isige
Jupiter price spectacle amid a massive airdrop and multiple listings on exchanges triggered a rally in JUP.
Published 7 hours ago
Jupiter price prediction: The market was a buzz this week as JUP, a token backed by decentralized exchange (DEX) Jupiter debuted after a hyped airdrop. While users of the platform celebrated the airdrop, a sense of frenzy spread across the market amid notable listings on leading exchanges like Binance, Bithumb, and OKX.
As reported, Jupiter is making strides in the decentralized finance (DeFi) sector, hence the collective interest among crypto users.
On the other hand, Bitcoin steadied its uptrend following a correction to $42,000 on Thursday. The largest crypto holds above $43,200 as bulls fight for a break from resistance in the upper range between $43,800 and $44,000.
Jupiter Price Prediction: Is The Airdrop Fuelling JUP Rally
Amid the many events and developments in the industry this week including the FOMC meeting and Ethereum’s Dencun upgrade going live on the second testnet, the JUP airdrop managed to take center stage.
In the last 24 hours, JUP managed almost a 2% gain trading at $0.62. Despite the DEX token losing volume by 55% over the same period to $693 million, a 2% increase in market cap to $841 suggests holders are not interested in selling, at least not yet.
Although JUP’s chart is not quite elaborate, considering the token has been trading for a few days. Holding above $0.6 is paramount for a rally to erupt targeting $1 and beyond.
A bearish cloud might continue to hover around Jupiter and weaken the uptrend based on the downtrend in the Moving Average Convergence Divergence (MACD) indicator.
Dips may prove profitable as traders buy to ride the anticipated trend. The ascending trendline has already proved to be a springboard for JUP price, leading to several trend reversals.
With that in mind, the price bouncing back from the trendline (the black line on the chart) would signal investors to buy the dip, speculating on a potential rise to three key levels, starting with resistance at $0.65, $0.7, and $1.
If JUP slips under the trendline, it would be prudent to change the tactic and consider shorting the token to support at $0.55 before buying again.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
