$JUP Token Analysis & Market Operation
JUP only recently passed the J4J initiative, a proposal that involves burning 30% of the JUP supply in order to increase its scarcity and market value. Voting results showed that the proposal passed with 95% support, and the burn process will be carried out in stages to allow the market to gradually adjust to the reduction in supply. This move has caused the price of JUP to rebound by 28% recently, and the market expects that there may be more room for growth in the future.
Current trend analysis🪬
Technical analysis shows that JUP’s price has begun to rebound since hitting its lows in early July and broke above a descending resistance line, signaling a possible new bull run is on the way. During this rally, JUP’s price action exhibited a five-wave pattern, which is a classic bullish sign. However, continued upward movement also depends on whether the price can create higher lows in the coming weeks, which will further strengthen the market's confidence in its outlook.
Operation suggestions 📈
Operationally, investors are advised to keep a close eye on current support levels such as $0.91 and $0.72. If the price can hold above these support levels, it could be a good opportunity to buy, especially if the market shows further upward trends. However, if the price falls below these support levels, it may face greater correction pressure, and investors need to proceed with caution.
In summary, JUP's current market trend shows potential upside opportunities, but investors need to control their risks, especially in the face of market volatility. It is recommended to pay close attention to technical signals and the market's reaction to burn plans.