JUPLong
Jupiter Stabilizes At Lowes: Can JUP Be A Bullish Bet In Sept
Jupiter Stabilizes At Lowes: Can JUP Be A Bullish Bet In September?
At the time of writing, Jupiter was exchanging hands close to $0.726, recording a bearish intraday development of 1.51%.
The development activity curve was headed higher indicating recent updates and changes in the asset.
Amid the broader market's turmoil, Jupiter price seemed to be stabilizing near the monthly support of $0.70. The broader market's weakness seemed to be impacting the price of altcoin and limiting its performance.
For instance, In the recent sessions, Jupiter exchange disclosed borrowing fees for Bitcoin, Ethereum and Solana over their platform. Despite the positive news, JUP token's price has remained relatively muted in the last couple of sessions.
It might be due to the increased investors' concerns after Bitcoin has loomed towards 56K and Ethereum has stepped below the psychological $2500 mark. However, the surge in the development activity and transaction volume suggests some sort of recovery round the corner.
Let's analyze and try to find whether Jupiter may continue to follow market leaders and suffer more or can it stabilize and head for a recovery.
Lowered Borrowing Rates Leaves Muted Impact On JUP Price
Recently, Jupiter announced a reduction in borrowing rates for three major crypto assets after community feedback. According to a post by Jupiter Exchange on X (formerly known as twitter), the platform reduced the borrow rate per hour from 0.01% to 0.008% for Bitcoin, Ethereum and Solana.
x.com/JupiterExchange/status/1829559395904324023
Also, the reduction in trade open/close fee from 0.1% to 0.06% was announced by the platform. The community as well as several X users found it a positive news for the traders and investors. However, Jupiter price experienced muted impact following the news and has been on a consolidation near the support since then.
However, the transaction volume has observed a significant growth over the last few sessions. The transaction volume has surged from $44 Million a day to $64 Million indicating a heightened demand. The volume to market cap ratio at 5.42% suggests low volatility in the crypto.
Moreover, As per the data obtained from an on-chain analytics website app.santiment.net, a notable change was observed in the development activity of Jupiter. The development activity as well as the developers activity contributors count graph has surged indicating the crypto undergoing some changes and updates.
Can Jupiter Head For A Recovery In September?
From a technical point of view, Jupiter price was hovering below the key EMAs of 20, 50 and 200 days indicating a prevailing bearish trend. Also, the broader markets remain in the red zone with Bitcoin price sliding towards the 56K levels.
However, the daily chart highlights the formation of a descending triangle pattern with an upper trendline acting as a resistance and psychological $0.7 level acting as a support. As of now, Jupiter was exchanging hands close to $0.70, registering a bearish intraday development of 1.51%.
On the lower side, if Jupiter price breaks below the recent support of $0.7 level it may validate a breakdown and the price may resume its journey towards the lower support of $0.65 and $0.6 levels.
On the contrary, the bulls need to surpass the trendline resistance in order to register a breakout over the daily chart. On a sustained breakout, Jupiter may resume its journey towards the higher supply of $1 level.
At the time of writing, Jupiter was exchanging hands close to $0.726, recording a bearish intraday development of 1.51%.
The development activity curve was headed higher indicating recent updates and changes in the asset.
Amid the broader market's turmoil, Jupiter price seemed to be stabilizing near the monthly support of $0.70. The broader market's weakness seemed to be impacting the price of altcoin and limiting its performance.
For instance, In the recent sessions, Jupiter exchange disclosed borrowing fees for Bitcoin, Ethereum and Solana over their platform. Despite the positive news, JUP token's price has remained relatively muted in the last couple of sessions.
It might be due to the increased investors' concerns after Bitcoin has loomed towards 56K and Ethereum has stepped below the psychological $2500 mark. However, the surge in the development activity and transaction volume suggests some sort of recovery round the corner.
Let's analyze and try to find whether Jupiter may continue to follow market leaders and suffer more or can it stabilize and head for a recovery.
Lowered Borrowing Rates Leaves Muted Impact On JUP Price
Recently, Jupiter announced a reduction in borrowing rates for three major crypto assets after community feedback. According to a post by Jupiter Exchange on X (formerly known as twitter), the platform reduced the borrow rate per hour from 0.01% to 0.008% for Bitcoin, Ethereum and Solana.
x.com/JupiterExchange/status/1829559395904324023
Also, the reduction in trade open/close fee from 0.1% to 0.06% was announced by the platform. The community as well as several X users found it a positive news for the traders and investors. However, Jupiter price experienced muted impact following the news and has been on a consolidation near the support since then.
However, the transaction volume has observed a significant growth over the last few sessions. The transaction volume has surged from $44 Million a day to $64 Million indicating a heightened demand. The volume to market cap ratio at 5.42% suggests low volatility in the crypto.
Moreover, As per the data obtained from an on-chain analytics website app.santiment.net, a notable change was observed in the development activity of Jupiter. The development activity as well as the developers activity contributors count graph has surged indicating the crypto undergoing some changes and updates.
Can Jupiter Head For A Recovery In September?
From a technical point of view, Jupiter price was hovering below the key EMAs of 20, 50 and 200 days indicating a prevailing bearish trend. Also, the broader markets remain in the red zone with Bitcoin price sliding towards the 56K levels.
However, the daily chart highlights the formation of a descending triangle pattern with an upper trendline acting as a resistance and psychological $0.7 level acting as a support. As of now, Jupiter was exchanging hands close to $0.70, registering a bearish intraday development of 1.51%.
On the lower side, if Jupiter price breaks below the recent support of $0.7 level it may validate a breakdown and the price may resume its journey towards the lower support of $0.65 and $0.6 levels.
On the contrary, the bulls need to surpass the trendline resistance in order to register a breakout over the daily chart. On a sustained breakout, Jupiter may resume its journey towards the higher supply of $1 level.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.