Is Jupiters Next Leg Up Coming? Crypto Analyst Weighs In As JUP Surges 13%
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, JUPs performance has maintained momentum.
Crypto Analyst Sees Decent Entry Spot For JUP
Jupiters JUP started the month trading around $0.63 and has seen the price jump 106% in 25 days. The tokens 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 JUPs most recent performance as he wondered about the possibility of a leg up.
$JUP: Wondering if next leg is coming for JUPITERconsolidation 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 JUPs price chart, which displayed the tokens 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 tokens 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 Bitcoins 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 Jupiters token. Additionally, he has shown a positive sentiment towards JUP before, calling the token a winner thats 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
JUPs Price Action
Recently, JUPs 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 tokens 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, JUPs price didnt seem to be affected.
Its worth noting that Bitcoins price showed stabilization signs over the weekend, as highlighted by Sherpa. This matters as JUP followed BTCs trajectory closely over the last week. As the chart below shows, the Solana-based token mimicked the moves of the flagship cryptocurrency.
In the last 24 hours, Jupiters trading volume has surged 64.1%, with $214.7 million being traded. According to CoinMarketCap data, JUPs 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.
Text source: NewsBTC
