Jupiter (JUP) has had a great month, with its price rising over 150% in the last 30 days. Amid the cryptocurrency market slowdown and some controversies, JUP's performance has maintained momentum.
Cryptocurrency analyst sees a 'decent' entry point for JUP
Jupiter's JUP started the month trading at around $0.63 and saw the price rise 106% in 25 days. The token's performance this month showed sideways price movement before rising to a new support level twice, which could indicate the potential for another price rally despite the turbulent week.
In one of
$JUP: I wonder if the next phase is coming for JUPITER…the consolidation looks good + Bitcoin looks fairly stable (for now). Entry might be a decent place here. pic.twitter.com/uE8IHblbFY
— Altcoin Sherpa (@AltcoinSherpa) March 25, 2024
The analyst shared the JUP price chart, which showed the token's sideways movement within the $1.12-$1.47 price range over the past few days. The chart shows that the consolidation phase began after the token's price jumped and unsuccessfully tested the $1.50 resistance level on March 16.
After retreating to the $1.20 level, JUP retested the resistance area again on March 18, briefly reaching $1.60, but ultimately failing to sustain it. After failed attempts to rise, the price fell to the $1.10 support area in the following days.
Since then, JUP has bounced back, hovering between the $1.15-$1.25 area. The recent price consolidation looks “good,” according to the analyst. He also highlighted Bitcoin's current stability, seemingly indicating to Sherpa that JUP could repeat its March trajectory.
As a result, the analyst sees this moment as a “suitable entry point” for the Jupiter symbol. Additionally, he has shown positive sentiment towards JUP before, describing the token as a “winner” that will “continue to win.”
Winners will keep winning. $PYTH And $JUP They are some of the greats. pic.twitter.com/nL4BmzxFJo
— Altcoin Sherpa (@AltcoinSherpa) March 16, 2024
JUP price action
Recently, the JUP community expressed some concerns after its co-founder Meow announced a controversial decision. Meow revealed on X that Jupiter will donate SLERF limit order and DCA fees to token pre-sale participants.
This decision was made without community consultation, an important part of the project. Following the criticism, Miao clarified that “no JUP tokens were included in the donation, and despite the unrest in the community, the price of JUP does not appear to have been affected.”
It is worth noting that the price of Bitcoin showed signs of stabilization over the weekend, as explained by Sherpa. This is important because JUP has closely followed BTC's trajectory over the past week. As the chart below shows, the Solana-based token mimics the movements of major cryptocurrencies.
JUP and BTC's price performance over the last 7 days. Source: CoinGecko
Over the past 24 hours, Jupiter's trading volume has increased by 64.1%, with $214.7 million changed hands. According to CoinMarketCap data, JUP's market capitalization has increased by 8.5% in the past day, placing the token as the 65th largest cryptocurrency according to this metric, with a value of $1.77 billion.
Despite a negative performance of 3.5% in the past week, the token shows a significant jump in price of 71.8% in the bi-weekly time frame. At the time of writing, JUP is trading at $1.33, an increase of 13.2% in the last day.
Jupiter's performance in the 3-day chart. Source: JUPUSDT on Trading.view.com
Featured image from Unsplash.com, chart from TradingView.com
