• Jupiter plans to burn 30% of its native cryptocurrency, JUP’s total supply.

  • The JUP price surged over 12.30%, rising from a low of $0.7105 to a high of $0.7978.

While the global crypto market is bleeding, Jupiter, a leading DEX aggregator, has unveiled a bold proposal aimed at stabilizing its native cryptocurrency, JUP. Meow, the co-founder of Jupiter, who goes by that name on X (formerly Twitter), introduced the J4J plan, which advocates for a 30% reduction in JUP’s total supply alongside cuts in team allocations and emission rates. This strategic move seeks to alleviate market pressures, enhance token economic transparency, and address concerns over high emission rates.

According to the CoinMarketCap data, JUP displayed a modest uptick, indicating initial market optimism and signaling potential short-term gains in response to the proposed supply reduction. 

Will Jupiter’s (JUP) Price Go Up?

Despite a recent correction of 16.49% in the last week, JUP has managed a 12.30% rally in the past 24 hours amidst prevailing bearish sentiment. At the time of writing, Jupiter traded at $0.7826 with a market cap of $1.05 billion. Additionally, JUP’s daily trading volume soared around 4% to $140 million.

Jupiter (JUP) Price Chart (Source: CoinMarketCap )

However, its price trajectory remains uncertain amidst ongoing bearish sentiments, with technical indicators suggesting potential challenges. The crypto’s short-term performance hinges on market sentiment and its ability to breach key resistance levels.

The technical analysis shows Jupiter’s token has formed a symmetric triangle pattern on the 4-hour chart, characterized by consistent lower highs, suggesting bullish momentum. But the crypto faces the lowest resistance from the cross EMA 50/200-day, underscoring the prevailing downtrend in the broader market.

Looking ahead, if bulls break above the symmetric triangle pattern, that could propel JUP toward testing the $1.1760 resistance level this week. Sustaining this level may pave the way for a retest of the yearly high of around $2 by month’s end. Conversely, a bearish trend reversal could see JUP descending toward its support trendline, potentially breaching the $0.524 support level.

As Jupiter navigates these critical junctures with its proposed supply adjustment, market participants await further developments in the burning proposal that could change JUP’s path in the volatile crypto market.