Jupiter Price Prediction as JUP Gains 8% Overnight — Is It Time to Load Up?
The Jupiter price has risen by 8% in the past 24 hours, with its move to $1.01 coming as the wider crypto market gains by a more modest 2.5% today.
This means that JUP is basically flat in a week, but down by 3% in a fortnight and by 40% in a month.
The DeFi utility token is also down by 49% since reaching an all-time high of $2 on January 31 of this year.
However, this slippage arguably means that the coin is ready to rebound in a big way, with today’s jump potentially the beginning of a significant rally.
What’s interesting about JUP’s chart is that the coin had been in a weak position in recent days and weeks, but its indicators now suggest that it’s making a return.
This is particularly noticeable with the coin’s 30-day average (orange), which is on the brink of overtaking its 200-day (blue), a move which typically indicates a breakout.
At the same time, JUP’s relative strength index (purple) has finally risen above 60 today.
While it has dipped in the past few hours it’s likely to rebound soon, given that it had already spent so long below 50 over the past week.
It’s also encouraging that the coin’s trading volume has risen from $70 million a few days ago to $140 million today.
❯ $JUP was in the accumulation zone for 28 days, and on the 29th started pumping, with news about staking.$W was in accumulation zone for 31 day and on the 32nd started pumping without any news!
❯ From the lowest price $W up to +65%.
Now, if you want to be in top stakers,… pic.twitter.com/4VEBaUkibW
— Jussy.Sol (@jussy_world) May 2, 2024
This indicates rising interest in the token, and because volumes had been low for several weeks, it’s possible that today is the beginning of a sustained increase.
One of the fundamental reasons for JUP’s gains over the
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