Jupiter [JUP] surges amid 62% daily volume spike – Can bulls hold?
Key Takeaways
The Jupiter worth motion and indicators confirmed volatility forward for the DEX token. The liquidity on the $0.55 native resistance may give rise to a minor worth bounce, however may not set up an uptrend.
The decentralized change (DEX) platform’s native token Jupiter [JUP] noticed sizable features just lately.
On the time of writing, its daily trading volume shot increased by 62.5% because the token gained 6.5% throughout the previous 24 hours. Nonetheless, the value charts confirmed that an uptrend was not in full swing but.
Information from Santiment confirmed that the Day by day Lively Addresses have picked up barely since mid-June.
Equally, community development, which refers back to the variety of new addresses being created every day, was additionally up from mid-June.
The 7-day Weighted Sentiment has oscillated between bullish and bearish over the previous two months. On the time of writing, it remained steadily constructive.
Can this translate right into a sustainable uptrend for JUP?
Supply: JUP/USDT on TradingView
On the 1-day chart, AMBCrypto discovered that Jupiter was buying and selling inside a long run vary. Outlined in purple, this vary prolonged from $0.33 to $0.63. The mid-point at $$0.48 was being contested by the bears and bulls at press time.
The proof at hand confirmed that the bears have the higher hand. The worth had sunk beneath the mid-range stage with a day by day session shut at $0.454 on the twenty fifth of August.
At press time, the MACD hovered across the zero line, exhibiting no decisive momentum. The CMF was at -0.07, exhibiting sizable capital outflows.
Collectively, they hinted at additional losses for Jupiter bulls.
The liquidation map highlighted the $0.542-$0.548 space as a zone of curiosity. The focus of brief liquidations may see a worth bounce towards $0.55, which has been an area resistance stage over the previous two weeks.
To the south, the lengthy liquidations had been decrease, however clustered across the $0.48 mark. Therefore, a dip to $0.48 adopted by a bounce to $0.548 was a chance merchants ought to watch out for.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
