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Home»Altcoins»Jupiter Crypto Price Prediction – Should You Buy This Solana-Based Token Now?
Altcoins

Jupiter Crypto Price Prediction – Should You Buy This Solana-Based Token Now?

2024-09-06No Comments2 Mins Read
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  • Jupiter was trading in a demand zone at the time of writing, but buying pressure was lethargic
  • Further losses can be expected as the price moves towards the next major liquidity zone

Jupiter [JUP] crypto seems to be in a tough spot in the market. The price of the token has fallen by 26% in two weeks trading volume down 18% in the last 24 hours alone – A sign of bearish market sentiment.

The Solana [SOL] liquidity aggregator has not attracted many buyers lately even though the token was trading in an attractive demand zone. Will the bulls hold off the sellers, or should we expect a deeper decline?

The 78.6% retracement level may not hold

Jupiter 1-day trading viewJupiter 1-day trading view

Source: JUP/USDT on TradingView

The market structure on the daily chart was again bearish. Jupiter seemed to form a range stretching between $0.736 and $0.913, but the last few trading days have taken it below the low.

The $0.69-$0.78 zone has been a demand zone since April and has been tested several times. A daily session ending below the 78.6% Fibonacci retracement level at $0.76 has also occurred frequently.

A drop below the August 5 low of $0.658 would be a sign that $0.47 is the next price target. The OBV has also fallen slowly over the past six weeks, indicating a lack of buying pressure. Finally, the daily RSI reflected bearish momentum with a value of 40.

Bullish reversal potential for Jupiter below the retracement level

Jupiter Liquidation HeatmapJupiter Liquidation Heatmap

Source: Hyblok

Once the 78.6% level is defeated, the 100% retracement level is usually the next target. AMBCrypto noted that in the case of Jupiter it might not work.

See also  Trump's pro-business policies could boost crypto growth through mergers and acquisitions, says Bitwise's CEO

Realistic or not, here is JUP’s market cap in BTC terms


This is because a large amount of liquidity of $0.6 has been built up over the past three months. A drop to this zone to gather liquidity would likely be followed by a quick price rebound for JUP.

Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer

Next: MKR Falls to Multi-Month Lows Despite Maker’s Sky Rebrand: What’s Next?

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