Jupiter Coin Surges Despite High Volatility and Bearish Market Trends

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  • The global cryptocurrency market has increased by 3.55% during the last day, reaching a market capitalization of $2.01 trillion. 
  • Jupiter Coin’s value increased by 8.66% to $0.8675, despite a weekly price fluctuation and 17.89% loss. 
  • The MACD and RSI indicators imply potential price recovery, although present trends suggest bearish momentum.

Based on the daily charts, Jupiter Coin has seen an impressive rise of 8.66% in its value. The market has shifted from a solid daily bearish support level of $0.7931 to a bullish resistance level of $0.90, showcasing a substantial rise in price performance. This improvement is evident from the $0.20 price difference, which occurred in a short period of time.

Source : coinmarketcap

Despite a constant rise, there has been some differentiation in the token’s trajectory, as seen in the weekly charts. These charts indicate a strong bearish trend, resulting in a weekly price reduction of 17.89%. This demonstrates that despite the daily increase, Jupiter’s market price is experiencing substantial swings as of press time. According to the latest CoinMarketCap data, the coin is right now valued at $0.8675 with a market capitalization of $1,170,186,069, reflecting an 8.58% increase. However, trading volume has decreased by 25.84%, totaling $183,746,781.

Jupiter Coin Rises 4.10% But Faces High Volatility and Bearish Trends

Turning to the JUP/USD daily chart on TradingView, the price is currently at $0.827, reflecting a 4.10% increase in the past 24 hours. The price has recently rebounded from the lower trendline, indicating support at this level. The chart highlights key support and resistance levels marked by a yellow line, ranging from $0.4426 to $1.8574. This range showcases the market’s potential for rapid changes and underscores the high volatility currently being experienced. 

Source: tradingview

The Fibonacci retracement levels are currently indicating a high possibility of market fluctuations. The price is presently  interacting with the 61.8% retracement level of  $0.6104, which is a sensitive  area often associated with strong support or resistance. Additionally, the 50% retracement level serves as another key support area, suggesting the market could potentially head downward.

The Relative Strength Index (RSI) is currently at 51.69, close to the neutral zone, indicating a balance of buying and selling pressures. But if it breaks above 60 and enters overbought territory, the small uptick at the end points to a possible shift towards bullish momentum. The moving average and the MACD line are both trending lower, indicating a downward movement in the MACD indicator. The MACD histogram is also displaying red bars, indicating bearish momentum in the market. If this trajectory continues, a potential rebound could occur, leading to a price recovery

The post Jupiter Coin Surges Despite High Volatility and Bearish Market Trends appeared first on Crypto News Land.

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