Jupiter Token JUP on Friday closed above the $1 resistance and, a territory that was lost back in 2nd week of June. Today, JUP experienced volume turbulence and lost the $1 region to drop to the current price of $0.96 with bearish momentum.
JUP, the native asset of Jupiter, a Decentralized Exchange on the Solana Network had surged nearly 70% from 5th July, the quarterly low.
The bulls we released after $0.8 was breached, giving the energy to surpass the long-term $1 zone, which was tested today.
JUP Technicals Are Mixed
The Defi token JUP in the last 20 days is under high volatility and increased trading volume. These 2 factors directly impact the price movement of an asset.
While we watch the JUP/USDT chart, the applied Stochastic RSI values at 0, indicate the asset is oversold and a reversal is possible.
The JUP token volume has fallen, as a result of increased volatility after the assert traded for 10 days above the blogger bands.
On the other hand, the price is above all the moving averages but has no strong support zone.
JUP Faces Short terms liquidation
A report reveals, that JUP is facing short-term liquidation over long-term ones. The upward trajectory of the Jupiter token triggered selling pressure to find no support from previous moves.
But looking at the technicals, Jupiter’s price is now on the edge of entering a consolidation phase as new investors would wait for the price to rebound to $1 zone and sellers seek the same target.
$0.86 still stands as a key support level, a breakout below this will entertain more red candles.
Conversely, increased Futures participants and Solan network activity can impact a breach again into $1 zome with resistance standing at $1.2 and $1.4
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