- The Jupiter crypto price has declined by 30% in a month, indicating sellers’ strength.
- The pump and dump have been seen, and the trading volume has surged 3600% in a few minutes on the Binance exchange.
On a daily time frame, the JUP price chart has shown weakness since April. It has lost around 58% since April and declined by taking negative pullbacks. During the bearish momentum, the JUP price surpassed the 20-day EMA but failed to sustain.
The Jupiter crypto price has witnessed strong buying pressure since March. Since April 1, sellers have dominated, and the price has failed to reach the last swing high. The digital asset price has recently developed a negative pullback and is approaching the $0.600 hurdle at press time.
In MACD, the histograms have flipped to green even in the consolidation phase. It has generated a golden crossover with the signal line. RSI is 41 and has sustained over the RSI-based moving average. Overall. The technical indicators are supporting the reversal at the time of writing.
Pump and Dump is Seen in JUP Crypto
Who tf just bought an egregious amount of $JUP? pic.twitter.com/5XevFoMMiu
— Sir TubbingsWorth 🧲 (@TubbingsW) July 4, 2024
A source on X claimed that someone has put an unrealistic amount in Jupiter crypto. The trading volume increased by around 3500% in a few minutes on the Binance exchange, and the price jumped by 46%.
JUP Price Holds $0.700 Hurdle; Are Buyers About to Take Charge?
Jupiter crypto was traded at $0.778 with a neutral momentum in the past 24 hours at press time. The market capitalization was $1.04 Billion, and the 24-hour trading volume was $254.08 Million at press time.
In April and May, the buyers tried to lift the Jupiter price by generating higher highs and higher lows. However, the price failed to develop a new higher low at the beginning of June, and sellers dominated further.
If the JUP price slips below the $0.7500 hurdle, sellers may follow the trend further. The price below this level may attract sellers, which may lead to strong selling pressure.
Alternatively, strong buying can be observed if the digital asset price surpasses the $1 mark and trading volume increases. The JUP price is over $1.50 and may turn into a trend reversal.
Jupiter Crypto Listing on Upbit Crypto Exchange
🗞️ The Solana-based decentralized exchange Jupiter (@JupiterExchange) $JUP is scheduled to be listed on the Upbit crypto exchange today, July 4. pic.twitter.com/ClLnsSOxbe
— Sol Owner (@SolOwner01) July 4, 2024
A source on X suggested that Jupiter crypto is scheduled to be listed on the Upbit crypto exchange by today (July 04). It may affect the price positively because of the large number of buying orders. Jupiter Crypto is a Solana-based decentralized exchange.
Expecting Bounce Back Now?
Based on the recent developments in JUP crypto, there seems to be significant volatility and potential for market manipulation. The sudden surge in trading volume and the rapid price increase raise concerns about a possible pump-and-dump scenario.
However, technical indicators show potential for a reversal, and the market could stabilize if the price surpasses key resistance levels. The potential for a trend reversal exists if the price can surpass significant resistance levels and sustain a higher trading volume.
Technical Levels
Jupiter’s price is expected to face resistance from the $1.20 and $1.50 levels. The bearish trend may be interrupted at the $0.700 and $0.560 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.