Journalist
Posted:
- JUNO crypto has a strong bullish outlook for the coming days.
- Traders and investors should be prepared for the possibility that demand will not be sufficient for further gains.
Juno [JUNO] crypto bulls rallied 670% in 32 hours, pushing the token’s price from $0.088 to $0.6811. Since then there has been a decline of 24%. This decline could deepen if the $0.4 zone is breached.
There is a bull market going on and thousands of tokens are being launched every day. Only a small fraction of these launches attract enough attention to drive stable demand.
Juno has been trading since November 2021. It reached its all-time high of $45.74 on March 3, 2022.
The token saw its value quickly disappear, trading around $2 in November 2022, a 94% drawdown. Daily trading volume has increased by 200% and stood at $11.75 million at the time of writing.
Chance of a JUNO crypto recovery
Source: JUNO/USD on DEXScreener
Juno has a strong bullish structure on the 4-hour chart after posting triple-digit percentage gains within 24 hours. The high trading volume was a sign of bullishness.
It was suggested that more profits could be coming, but that was no guarantee.
The market structure was also bullish after such a strong move. The CMF stood at +0.35, signaling strong capital inflows into the market, which was confirmed by the daily increase in trading volume.
The MACD indicator indicated solid upward momentum and has not yet started to weaken.
Is your portfolio green? View the JUNO Profit Calculator
At the time of writing, despite strong gains in recent days, the token is still down 98.9% from its all-time high. Despite the recent gains, it is highly unlikely that JUNO can move towards the previous all-time high.
Traders could take advantage of the plotted Fibonacci retracement levels. A dip to $0.314 and $0.215 could provide a buying opportunity, but is fraught with risks.
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.
