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Home»Altcoins»Jupiter [JUP]: The currency can also baptize 39% if this happens
Altcoins

Jupiter [JUP]: The currency can also baptize 39% if this happens

2025-02-19No Comments3 Mins Read
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Posted: February 19, 2025

  • In recent weeks there has been a significant decrease in daily active addresses and transactions.
  • The volume of Jupiter has risen, while the turnover reached an annual layer, which contributes to the Bearish sentiment on the market.

Jupiter [JUP] has been in a Bearish phase in the past month and registers a decrease of 34.29%. This sentiment was held, which led to a decrease of 11.38% in the last 24 hours.

Data on chains indicate that market participants remain bearish, which suggests that the decline may not end quickly. Ambcrypto discovered that Jup could fall to a low point of $ 0.40.

Market activity could push Jup lower

The market activity has fallen in the past month, with daily active addresses and transactions that affect new lows.

According to Data from Artemis, the daily active addresses declined at the time of analysis of 724,400 on 10 to 433,800. This sharp decline reduced market participation.

This drop coincided with a significant decrease in daily transactions. From a peak on January 19, transactions fell at an annual low of 1.1 million, at the time of the press.

Source: Artemis

The decrease in transactions on Jupiter is linked to the decrease in active addresses, which indicates reduced activities, which has contributed to the price fall in Jup.

This decrease in the activity is accompanied by a peak in trade volume, while the turnover has fallen into a new low point.

At the time of writing, the trade volume about Jupiter peaked at $ 531.9 million, a level for the last time seen on 12 February. A peak in volume next to a falling price suggests that the market is in a distribution phase, in which more sellers dominate.

See also  Why Jupiter [JUP] could fall to $ 0.41: analyzing price action

During this phase, the turnover from Jupiter to $ 7,870 from a monthly high point of $ 27,670 and a record high of $ 149,930.

A consistent decrease in turnover has a negative influence on the price, because it indicates a lower liquidity on the platform.

Source: Artemis

With the prevailing of the Bearish sentiment, Ambcrypto analyzed the next step from Jup and discovered that further deterioration could be on hands.

A decrease up to $ 0.43 depends on support

Jup has introduced an important support zone in the Daily Chart, who previously activated price rallies four times. If the same pattern applies, it could actively break the falling resistance line, leading to a rally to $ 1.40.

However, if the support level of $ 0.718 failed, Jup could see a large decrease to $ 0.43, which represents a decrease of 39%.

Source: TradingView

Given the current market sentiment for the bears, Jup is rather support and drops to the target level.

Next: Will Sonic Target $ 0.80 next? – What suggest the data

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baptize Currency JUP Jupiter
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