Review today’s $JUP
Let’s talk about the fundamental background first, and then review the technical form.
Today is the original pool withdrawal time scheduled by the founder, that is, the official withdrawal of the liquidity pool and the end of the seven-day genesis pool. Some people interpret this as a good thing, which means that the project team will no longer use the liquidity pool to sell coins.
My interpretation is that the withdrawal of the pool itself is neutral news, but if the project party chooses to participate in the market, then choosing to pull the market today is the most cost-effective solution. The team will be able to sell as much as they pull today, and the more they sell, the more they get.
The news is as simple as this, and the following is a technical review.
Let’s first look at the first-level pattern in the picture. It is a standard falling wedge breakout. It currently rebounds to the Fibonacci midpoint of 0.5978 and then is blocked.
Looking at the small-level forms in Figure 2, the resistance and support levels of JUP are very obvious in the entire falling wedge. I have marked these small-level forms one by one in the picture. I wrote them very carefully. I hope you don’t find it verbose. .
From a purely technical perspective, JUP's volume increase this time is extremely strong. The pressure level near 0.59 may break through after gaining momentum, and it is still bullish in the medium term.
