• Jupiter is trading at $1.20, marking a rally of over 13%. 
  • The daily trading volume of JUP has decreased by over 41%.

In the volatile crypto market, prices are tumbling and soaring in every direction. Among the altcoins, Jupiter (JUP) has been making seismic waves, with its price movement. In the past few days, the Jupiter exchange has made some upgrades and that might benefit its native token. 

In the early hours, JUP traded at $0.96, marking a staggering 13.42% surge in the past 24 hours. This surge comes following the last week, which witnessed a notable 33.73% increase. 

Jupiter has broken through the $1.09 and $1.16 resistance levels from a low of $0.9596 and climbed to a high of $1.25. With the next key resistance on the horizon, the asset may open for additional gains.

At press time, JUP is trading at $1.20, with its market cap reaching $2.02 billion. In the meantime, the daily trading volume of the asset stays at $1.1 billion. Notably, the market has observed a liquidation of $6.69 million worth of Jupiter during this interval, as per Coinglass .

Does Jupiter Have More Room to Rise?

The four-hour price chart of the JUP/USDT pair reflects a positive outlook. If the buying activity sustains, the asset’s price might extend its active gains toward $1.26. With the prolonged endurance of the bulls, Jupiter could break past its crucial resistance and attempt to trade at the $1.40 mark. 

Alternatively, a shift in the market trend toward profit-taking would likely cancel the recent bullish gains. Under those circumstances, JUP’s price could plunge below the support level formed at $1.13. A steady breakdown from this range will push a steep downside correction toward $1 or even lower.

The Moving Average Convergence Divergence (MACD) line of JUP has crossed over the signal line. This indicates the bullish crossover and upward momentum in the asset’s price. Besides, it is interpreted as a buy signal.

Can Jupiter (JUP) Hold Strong After the 13% Gain? image 0 JUP chart (Source: TradingView )

In addition, the Chaikin Money Flow (CMF) indicator is stationed at 0.11, suggesting a positive money flow and moderate buying pressure in the market. Meanwhile, Jupiter’s daily trading volume has dropped by over 41.32%.

Moreover, the 24-hour frame of the asset exhibits the short-term 9-day moving average above the long-term 21-day moving average. JUP’s daily relative strength index (RSI) at 65.68 signals the asset’s bullish zone, with more room for upward movement.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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