Jupiter Price Holds Above $0.70 Amid Market Recovery
Jupiter ($JUP) shows signs of recovery with a 4.44% intraday increase, maintaining price above $0.70. A Morning Star pattern indicates potential bullish reversal, though a drop below the critical support at $0.77 could trigger further declines.
Recent Downtrend and Price Action
- Four consecutive bearish engulfing candles resulted in a 25% pullback from $0.95 to $0.71.
- Reclaiming $0.77 may signal a new bullish rally towards $0.95.
- Price faced rejection near the $1 mark, coinciding with meme coin controversies in the Solana ecosystem.
- A death cross between the 50 and 200 EMA lines signals increased bearish pressure.
- The daily RSI indicates an uptick within nearly oversold conditions.
Potential Recovery Indicated by Parallel Channel
- The lower band of Jupiter's parallel channel is at $0.69, suggesting it may provide support for a rebound towards $1.
- Current crucial support levels are at $0.71 and $0.65.
Market Performance and TVL
- Jupiter's total value locked (TVL) stands at $2.51 billion, fluctuating since early 2025.
- This marks a decline from its all-time high TVL of $2.922 billion on January 23.
- The 24-hour trading volume is $3.24 billion, a 29% decrease.
- Active users decreased by 9% in the last 24 hours, totaling 392,926.
- Total transactions on the DEX approach 18.5 million.
- Despite bearish trends, Jupiter's resilience above $0.70 suggests potential strength in upcoming market recovery.