JUP, the token backed by decentralized exchange (DEX) Jupiter, has stepped into the spotlight with its long-awaited debut following a dramatic airdrop. Users celebrated the platform's giveaway, and excitement resonated throughout the market, fueled by outstanding listings on major exchanges such as Binance, Bithumb, and OKX. Now, curious minds are wondering what the price of JUP Token might reach in the future.
Will the airdrops fuel the JUP rally?
In a week filled with major industry events, from the poignant Federal Open Market Committee (FOMC) meeting to the reveal of Ethereum's Dencun upgrade on the second testnet, all eyes turned to the JUP airdrop taking center stage.
Over the past 24 hours, JUP experienced a price decline of 8.91%, settling at $0.536. Despite a significant 41% drop in DEX token trading volume during this period, the rise in market cap to $5.3 million suggests that token holders are in no rush to part with their JUP token just yet.
While the chart showing JUP's trading history may not be as extensive, maintaining a position above $0.5 appears as a crucial factor for a potential upside, setting sights on the ambitious goal of reaching $1 and beyond.
There are still cautious sentiments in the air as the bearish cloud around Jupiter may persist, which could overshadow the upside. This uncertainty arises from the downward trend observed in the Moving Average Convergence Divergence (MACD) indicator.
Taking all these factors into account, a price rebound from the trend line could serve as a signal to investors, indicating an opportune moment to buy during the dip, with speculation focused on a potential rise to the key resistance levels at $0.65, $0.7 and $1.
Jupiter price forecast for 2024
Looking ahead to February 2, 2024, various predictions of Jupiter's price path have emerged. DigitalCoinPrice expected it to reach $1.32 for the current year, while Coincodex expected $0.019338.
Jupiter price forecast for 2025
Moving to 2025, Coincodex maintained the same prediction, while DigitalCoinPrice forecast a price of $1.51.
Jupiter price forecast for 2030
For a more comprehensive forecast in 2030, Coincodex.net forecasts $0.028636, while DigitalCoinPrice sets an upside target of $4.47 at the beginning of the next decade.
Is Jupiter a good investment?
Determining whether Jupiter (JUP) is a smart investment can be difficult, as the price of the token has risen a lot since its debut, but there may be signs that it could fall soon. If the JUP price falls below a certain line (trend line), it may be a good idea to change your plan.
Some might consider a tactic called “shorting” the token, hoping to buy it back at a lower price, perhaps around $0.50 and $0.48.
However, there are also good reasons why Jupiter's price has been moving recently, as new things happening with Jupiter are attracting investors' attention.
