Jupiter price has dropped 3% in the past 24 hours to trade at $0.4928, and trading volume has dropped 24% to $214.1 million as of 4:45 a.m. ET.
The Solana-based token has been falling in price since its launch in late January and is now down 69%.
The token’s price did improve after the founders unveiled a new initiative called Jupiter Work Groups (JWG), which brought optimism to some of the project’s investors.
The initiative aims to build collaboration and scalability within the Jupiter community, with the goal of creating an efficient and proactive community. Over time, it intends to increase the efficiency and effectiveness of community efforts by promoting consistency and independence in daily activities.
Jupiter Price Prediction
Jupiter’s price has been falling since the token’s launch but seems to have finally bottomed out above $0.47. With the coin finally reaching its bottom, many believe that it is now ready to start moving back up.
Although the founder’s new move brought the price back to $0.50, this level started to act as a barrier, preventing the coin from rising further. However, there are some technical indicators that suggest that the JUP price may see a recovery and could potentially break through the resistance.
One of them is the project's relative strength index (RSI) level, which turned from the oversold area to the neutral area and then to the overbought area, reaching a value of 67.26 before falling back to the current level of 56.42. This decline coincides with the price action, indicating that traders took profits when the price recovered to $0.50.
With the RSI score now back in neutral territory, there is a chance that it could rise again if traders pile in to buy the dip, especially when announcements of new moves reach the wider community, giving bulls a fundamental reason to push prices back up.
Meanwhile, the Bollinger Bands have expanded significantly over the past 24 hours, which is another strong bullish sign, especially since the price is closer to the upper band than the lower band.
Over the past six hours, the coin has established what appears to be solid support at $0.490. Therefore, the rejection when the price was close to $0.50 did not hurt it too much and the support remains in place for now. This may even provide a foothold for the price and allow it to attempt to recover and potentially break through the $0.50 resistance.
If this happens, the token has the potential to continue to rise. As many in the community have pointed out, considering this price as an entry point is risky, but could be a wise choice.
Promising Jupiter alternatives
Although Jupiter has potential in the future, especially in terms of new initiatives, many in the crypto community have already found a more promising alternative. This is another Solana project called Smog (SMOG), which just recently launched.
Another meme coin, Smog features a giant dragon that “dominates the crypto battlefield and burns all enemies.” Its dragon theme helped it attract attention from the Asian crypto community, which is celebrating the Year of the Dragon in China.
The project promises to launch the “largest airdrop ever.” Those who purchase and stake the token will be eligible to participate in the upcoming airdrop, and you can also stake the token during this period to earn an annualized yield of 42%.
You can buy Smog using ETH or USDT via the official website here.
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