Is Jupiter’s Next Leg Up Coming? Crypto Analyst Weighs In As JUP Surges 13%

Rubmar Garcia

1 year ago

3 mins read

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Jupiter (JUP) has had a remarkable month, with its price skyrocketing over 150% in the last 30 days. Amid the crypto market slowdown and some controversies, JUP’s performance has maintained momentum.

Crypto Analyst Sees “Decent” Entry Spot For JUP

Jupiter’s JUP started the month trading around $0.63 and has seen the price jump 106% in 25 days. The token’s performance this month showed sideways price action before climbing to a new support level twice, which could suggest that another price surge is possible despite the turbulent week.

In an X post, renowned crypto analyst Altcoin Sherpa commented on JUP’s most recent performance as he wondered about the possibility of a leg up.

$JUP: Wondering if next leg is coming for JUPITER…consolidation and looks ok + btc looks somewhat stable (for now). Might be a decent spot entry here. pic.twitter.com/uE8IHblbFY

— Altcoin Sherpa (@AltcoinSherpa) March 25, 2024

The analyst shared JUP’s price chart, which displayed the token’s sideways movement inside the $1.12-$1.47 price range for the past few days. The chart shows that the consolidation phase started after the token’s price jumped and unsuccessfully tested the $1.50 resistance level on March 16.

After a pullback to the $1.20 mark, JUP retested the resistance zone again on March 18, briefly reaching $1.60, but ultimately failed to maintain it. Following the unsuccessful attempts to climb, the price dipped even lower to the $1.10 support zone in the following days.

Since then, JUP has bounced back, hovering between the $1.15-$1.25 zone. The recent price consolidation looks “ok,” according to the analyst. He further highlights Bitcoin’s current stability, seemingly suggesting to Sherpa that JUP could repeat its March trajectory.

As a result, the analyst deems this moment as a “decent entry spot” for Jupiter’s token. Additionally, he has shown a positive sentiment towards JUP before, calling the token a “winner” that’s “gonna keep on winning.”

winners gonna keep on winning. $PYTH and $JUP are some of the great ones. pic.twitter.com/nL4BmzxFJo

— Altcoin Sherpa (@AltcoinSherpa) March 16, 2024

JUP’s Price Action

Recently, JUP’s Community showed some concerns after its co-founder Meow announced a controversial decision. Meow revealed on X that Jupiter would donate the SLERF limit order and DCA fees to the token’s presale participants.

This decision was taken without consulting the community, a crucial part of the project. After the criticism, Meow explained that “no JUP tokens were involved in the donation and, despite the turbulence in the community, JUP’s price didn’t seem to be affected.”

It’s worth noting that Bitcoin’s price showed stabilization signs over the weekend, as highlighted by Sherpa. This matters as JUP followed BTC’s trajectory closely over the last week. As the chart below shows, the Solana-based token mimicked the moves of the flagship cryptocurrency.

JUP and BTC's price performance over the last 7 days. Source: CoinGecko

In the last 24 hours, Jupiter’s trading volume has surged 64.1%, with $214.7 million being traded. According to CoinMarketCap data, JUP’s market capitalization increased 8.5% in the past day, placing the token as the 65th largest cryptocurrency by this metric, with $1.77 billion.

Despite the negative 3.5% performance in the past week, the token exhibits a significant 71.8% price jump in the biweekly timeframe. At the time of writing, JUP is trading at $1.33, a 13.2% surge in the last day.

Jupiter's performance in the 3-day chart. Source: JUPUSDT on Trading.view.com

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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