- Jupiter’s flag pattern hinted with a potential decline to $ 0.41.
- Negative sentiment and low social dominance supported the chance of downward pressure on the price.
The cryptocurrency market is filled with volatility, and Jupiter [JUP] Is no exception.
With a press price of $ 0.5314, with an increase of 5.14% at the time of writing, the price action suggests that Jupiter may be in a precarious position.
While traders follow the potential for a breakdown, all eyes are focused on the flag pattern that could determine whether a movement to $ 0.41 is on the horizon.
What reveals the price action about the direction of Jupiter?
Currently, Jupiter has formed a flag pattern on the graph, usually a signal for an outbreak, but one that can lead to a price drop.
The flag pattern is identified after a sharp fall followed by a period of consolidation, which can be a sign that the market is preparing for a new downward push.
If this outbreak confirms the pattern, the price can go lower to the $ 0.41 point, a considerable level of support.
Traders are now carefully looking forward to confirming the outbreak, because this can lead to a sales pressure.
Source: TradingView
Assessing a weighted sentiment
Analysis of the sentiment behind Jupiter, the weighted sentiment facts showed a relatively low value at -0,34479.
The negative sentiment indicated a decrease in market confidence and that investors seemed less optimistic about the future of Jupiter in the short term.
Although the sentiment value has experienced some volatility in recent days, the general direction remained weak, in support of the Bearish -for views.
Moreover, according to the social volume and dominance statistics, there is still some interest in Jupiter, but it has fallen considerably in recent weeks.
At the time of the press, the social volume was 20, and social dominance was only 0.132098%, which showed that the interest in Jupiter remained relatively low.
With such a low involvement, it is unlikely that a sudden bullish momentum will take place unless there is a considerable change in sentiment.
Source: Santiment
What about Jupiter’s development activity?
Development activity for Jupiter is recently at moderate levels. The most recent data showed an increase in activity on March 22 and reached a level of 4.62, which indicates some interest in further development.
However, the general trend suggested a delay in the activity, which could be a contributing factor for current stagnation in the price movement.
It is still to be seen whether this development momentum will pick up sufficiently to reverse the downward trend.
Source: Santiment
Given the current flag pattern, negative sentiment, low social involvement and moderate development activity, the analysis suggests that Jupiter may be on the way to further downward pressure.
If the outbreak is confirmed, the price can go to the purpose of $ 0.41. A decline seems more likely than a meeting, and traders must remain careful and keep a close eye on the price promotion.
