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As JUP’s price floats above $0.5, are predictions favoring the bears?

2min Read

JUP’s spot CVD trended downward since the 3rd of February, highlighting a lack of buying pressure.

As JUP's price floats above $0.5, are predictions favoring the bears?

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  • JUP had a short-term downtrend in progress at press time.
  • Long-term investors needed to wait for the formation of a range.

Jupiter [JUP] exhibited a steady downtrend in the days following its listing. The airdrop event garnered much excitement and showed a massive surge in activity on the Solana [SOL] network.

This downtrend could continue for a while longer.

While 440k addresses have already claimed their JUP, 54% of the eligible wallets have yet to claim their JUP. This leaves approximately 378 million JUP unclaimed.

The need for a range formation

JUP has been trading for less than a week at press time. Hence, AMBCrypto chose to look at the 2-hour price chart to understand its current trend.

The market structure was bearish due to the series of lower highs and lower lows in recent days.


JUP shows waning bullish sentiment as prices float above $0.5

Source: JUP/USDT on TradingView

The drop below $0.55 was used to plot a set of Fibonacci extension levels. They showed that the 23.6% and 61.8% southward extension levels sat at the $0.489 and $0.44 levels.

Hence, these are possible support levels should prices drop further.

At press time, the token traded within a range (purple) that reached from $0.52 to $0.568. The mid-range mark at $0.544 has also served as both support and resistance.

If the token trades within this range, or another similar range below $0.5, for an extended amount of time (ideally multiple months), it would be seen as an accumulation phase.

The short-term sentiment also leaned bearishly

JUP shows waning bullish sentiment as prices float above $0.5

Source: Coinalyze

Analysis of the Coinalyze data showed a marginal increase in the Open Interest as JUP prices slid from $0.56 to $0.52. This pointed toward short sellers and bearish sentiment.

The spot CVD has also trended downward since the 3rd of February, highlighting a lack of buying pressure.


How much are 1, 10, or 100 JUP worth today?


The long-term range formation discussed earlier at $0.52 or lower than the $0.5 mark would be a sign of consolidation.

Thereafter, each retest of the lows would provide investors with an ideal buying opportunity. A breakout would likely lead to a strong rally, provided it is backed by demand in the spot markets.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.


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Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.
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