The post How Strong Is The Jupiter (JUP) Trend Reversal? Will It Settle Above $1? appeared first on Coinpedia Fintech News
Jupiter, the JUP token is up 12.5% since the 30% supply burn proposal update released.
Nearly 5% Surge in the Total Value Locked( TVL)
JUP Struggling to break the downward bearish channel after retesting the crucial support zone.
Jupiter, the Solana network decentralized swap platform, is recovering from a long-term bearish trend. JUP on Thursday is making waves in the crypto space by being on the Coinpedia market top gainers list, the token burning announcement, and increasing on-chain activity of the exchange and token.
Jupiter JUP at the writing is $0.8273 with a 24-hour growth of 12.5% followed by a short-term bullish trend.
30% Supply Proposal Wakes Up Bulls
Jupiter (JUP) has a total supply of 10 Billion JUP, of which the developers have proposed to burn 30%( 3 billion) JUP tokens, worth $2.47 billion. The proposed burning is said to be considered from the team allocations, wherein the top 10 holders hold 90% of the supply.
This scarcity factor may turn out to be the catalyst to take JUP out of the bullish trend. The JUP burning update wakes up the bulls, resulting in increased price, TVL, and trade volume on the Jupiter exchange.
As Seen on DeFilama, Nearly 5%, from $395 million to $399 million growth was seen in the Total Value locked (TVL) of JUP. Also, a 100% growth in the Dex volume of JUP in the last few days. Additionally, the Jupiter exchange experienced a rise of 25% in overall exchange transactions.
These factors, if continue the activity, JUP is more likely to enter the $1 zone shortly.
JUP Needs To Break the Bearish Channel
Although a bullish reversal was seen after JUP retested the $0.7 support zone, in the midterm frame the crypto is now facing a descending resistance forming a bearish channel.
Having the resistance at $0.84 and crucial support at $0.7, the upward-moving RSI in the neutral zone gives room for the JUP price to break the Bearish Channel. Any daily close below $0.8 will retrace a bearish trend near support.
JUP price is trading below all the long-term, mid-term, and short-moving averages is a bearish signal, along with MACD below the trend line adding up a weak trend.
JUP Traders must keep watch at the $0.7 and $0.65 zones to enter and if the $0.84 is breached the price can rally into the $1 area with strong support at $0.8.
