Jupiter Experiences 3.50% Daily Gain Amid Bearish Market Trends
Jupiter (JUP) has seen a 3.50% increase in the last day but experienced a 1.38% decline over the past week. Market expert Ali Martinez warns of a potential major price drop due to a bearish flag formation on the JUP 4-hour chart.
Bearish Flag Insights
- Bearish flag indicates a continuation pattern of a downtrend.
- Price consolidation noted between $0.56 (resistance) and $0.50 (support).
- A fall below $0.50 could lead to a price drop to $0.41, equating to a 21.15% decline.
- A breakout above $0.56 may signal a reversal with potential rise to $0.83.
Current Price Outlook
- JUP has lost 30.15% of its value over the last month amid a broader crypto market correction.
- The Jupiter exchange is using 50% of protocol fees for a buy-back strategy to manage supply.
- The RSI shows a rebound from oversold conditions, indicating a potential price reversal.
- Market sentiment remains bearish with a Fear & Greed Index at 32; however, analysts project a possible 227% price gain in the next month.
- Current trading price is $0.52 with a daily trading volume increased by 21.78%, valued at $42.57 million.
