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Jupiter’s price gained traction and jumped nearly 10% yesterday after retracing the monthly lows. The panic in the broader markets triggered sharp selling in recent sessions which now seems to be fading away.
The bulls are dominating for the second consecutive session due to which JUP is trading higher. It has created potential for more room on the higher side. The price performance highlights a 20% monthly growth despite being down over 20% over the week.
Moreover, the recent recovery is supported by a popular on-chain metrics: weighted sentiment adding confidence to the investors. Let’s delve deeper and try to analyze the further upside or downside potential in crypto.
Weighted Sentiment Curve Flashes Positive Signal
Jupiter price has bounced back from the recent demand and monthly lows of $0.69 level indicating the presence of bulls near the support. Moreover, the volume to market cap ratio at 15.93% suggests high volatility in the crypto. It has a live market capitalization of $1.19 Billion and ranks 56th in the cryptoverse.
As per the data obtained by an on-chain analytics website app.santiment.net, there has been a strong recovery in positive sentiment in the last couple of sessions. As a result, the weighted sentiment curve has shifted to a positive side.
The weighted sentiment curve has surpassed the zero line and has reached the bullish zone, indicating improved investor sentiment. The weighted sentiment curve highlights a combined biasness of the investors whether it is bullish or bearish at the moment.
Can Jupiter Price Head For a Recovery?
The recent downturn in the markets has dragged Jupiter’s price near July’s lows. However, the bulls seemed to have defended the monthly lows indicating strength in the crypto. Also, the shift in weighted sentiment curve in the bullish zone adds confirmation to it.
Also, the daily chart shows a sideways and range bound trend in the last three months with $0.7 as support and $1.18 as resistance. Now, any breakout or breakdown on either side may clarify the trend.
Recently, the bulls have registered their presence near the recent $0.69 level and price has rebounded. On the higher side, JUP has more room till $1.18, indicating a nearly 40% potential. Also, the $1.18 level may act as a hurdle which once surpassed, it may indicate a bullish breakout.
The MACD line and signal line has indicated a convergence, suggesting a potential bullish crossover. The indicators are leaving a positive note on a combined analysis.
Jupiter’s price bounced back nearly 10% after hitting monthly lows of $0.69, indicating strong support from bulls. The volume to market cap ratio at 15.93% suggests high volatility. Moreover, on-chain data shows a recovery in positive sentiment, with the weighted sentiment curve turning bullish.
Furthermore, the daily chart shows a range-bound trend between $0.7 and $1.18. A breakout above $1.18 could signal a bullish continuation. The MACD line and signal line convergence suggests a potential bullish crossover, indicating positive momentum. On the higher side, Jupiter price has room to rise to $1.18, a 40% potential increase.