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Jupiter’s (JUP) price was impressive these last couple of days after the platform established its presence in the Decentralized Exchange (DEX) market.
The question now is if the cryptocurrency can continue this bull run and surpass some of its other competitors.
Jupiter Makes a Dent
Jupiter launched its native token, JUP, back at the end of January. However, the cryptocurrency blew up only last month. The altcoin shot up from $0.47 to trade at $1.80 at the time of writing, charting another 18.54% rise in the past 24 hours.
In doing so, the cryptocurrency surpassed the likes of Synthetix (SNX) and dYdX (DYDX) in terms of market cap. Jupiter is now the fourth biggest DEX token, with a market cap of $2.4 billion. Should this growth continue, JUP will likely reach its next target, ThorChain (RUNE).
The DEX token has a total market capitalization of $2.7 billion, with the altcoin noting a 5% correction over the past week. Thus, with minimal growth and stronger competition from JUP, RUNE could lose its spot to Jupiter.
The recent rise has already defeated the bears that have been betting on a price correction. In the last three days alone, more than $2.8 million worth of shorts contracts have been liquidated.
This will likely push investors away from making bearish bets towards the coin, bolstering the bullish momentum.
JUP Price Prediction: Another 12% Increase Expected?
Jupiter’s price is currently at $1.77 and is inching closer to flipping $1.80 into a support floor. This would enable a rise to $2.00, marking a new all-time high and another 12% rally for JUP investors.
Further substantiating this outcome is the Moving Average Convergence Divergence (MACD) indicator, a trend-following momentum indicator used to identify bullish and bearish trends, which also exhibits bullishness. The indicator recently noted a bullish divergence, suggesting the momentum could continue.
However, long contracts have been liquidating just as much as shorts have, if not more. This is a sign that the volatility is also costing bullish traders, which might drive to them to step back for a while. Consequently, it might result in the JUP price taking a hit and falling to $1.40, which would invalidate the bullish outlook.