Jupiter’s Hilarious Quest to Reach the $1 Mark: A Bill Bryson Tale!

by

Jupiter’s Hilarious Quest to Reach the $1 Mark: A Bill Bryson Tale!

With Solana and its meme coin buddies slowly recovering from a wild party, Jupiter is hogging the limelight. This cosmic coin just had a 4.44% intraday rise, with its price sitting pretty at $0.76.

This recent short-term reversal is Jupiter’s way of flaunting a Morning Star pattern and maintaining its dominance above the $0.70 mark. But watch out for a post-reversal pullback, as the crucial $0.77 support zone has been compromised.

Jupiter’s Recent Downtrend & Rejection at $1

Jupiter’s daily chart reveals four consecutive bearish engulfing candles, resulting in a 25% pullback from $0.95 to $0.71. If Jupiter can reclaim the $0.77 level, it might signal a new bullish rally and challenge the $0.95 mark.

The bearish reversal occurred near the $1 psychological mark, coinciding with the meme coin controversy in the Solana ecosystem. Now, Jupiter is bouncing back from the $0.711 support level, but increased bearish influence has caused a death cross event between the 50 and 200 EMA lines.

Parallel Channel: A Ray of Hope?

Crypto analyst Ali Martinez pointed out a parallel channel in Jupiter’s price action, with the lower band at $0.69. If Jupiter can maintain its current bullish reversal, it might have a shot at reaching the $1 psychological mark.

Jupiter’s TVL & Market Performance

Jupiter’s TVL stands at $2.51 billion, but it’s been fluctuating near this level since the start of the year. Despite the recent pullback from its all-time high TVL of $2.922 billion, Jupiter’s 24-hour total volume is a whopping $3.24 billion.

However, the total 24-hour volume has dropped by 29%, and active users have declined by 9% to 392,926. Despite the bearish pressure, Jupiter’s ability to hold above the $0.70 mark suggests underlying strength, potentially acting as a catalyst for a market recovery in the coming weeks.

Read More

2025-02-20 18:05