Jupiter Made Close To 200% In Price Gains Over The Past 30 Days, Will Its Price Reach $1.6?

Jupiter's price has increased 18.98% over the past seven days to trade at $1.48. The coin performed better than the global cryptocurrency market, which saw a 1.06% decrease in market capitalization during the same timeframe. 

                                                                                                          Source: CoinMarketCap 

Expert price predictions say that on March 20, 2024, JUP may reach a trading point of $1.54. In the following five days, this would equate to a 31.20% price increase for JUP.

Jupiter has been trending upward lately; over the past 30 days, the coin has increased by 175.02%. Jupiter's medium-term trend has been bullish; over the past three months, JUP has increased by 101.11%. Jupiter's long-term outlook is favorable; as of right now, JUP is showing a 101.11% one-year price change. Last year, on this day, JUP was trading at $ 0.724457. 

On March 16, 2024, Jupiter hit its highest price ever, with JUP hitting a peak of $1.47. At $1.46, the current JUP cycle high, and at $1.44, the cycle low, are both reached. Recently, JUP has shown a lot of volatility; the coin's 1-month volatility is 23.61. In the past 30 days, Jupiter has experienced 18 green days.

Technical indicators

The attitude in the Jupiter markets is now Neutral. The main resistance levels are $ 0.990133, $ 1.04, and $ 1.10, while the most crucial support levels to keep an eye on are $ 0.881122, $ 0.821941, and $ 0.772111.Right now, seven signs point to a positive forecast for Jupiter, while four indicate a bearish one. 64% of the signs point to a successful forecast. As a result, opinions about Jupiter are generally neutral.

The Fear & Greed index is currently at 83 (Extreme Greed), indicating that investors are optimistic about the state of the market. An indicator of investor mood in cryptocurrencies is the Fear & Greed index. Although a "Greed" reading might also mean that the market is overpriced, it also implies that investors are now upbeat about the bitcoin industry. Conversely, a "Fear" reading indicates that investors are presently wary of the Bitcoin market, which may present a purchasing opportunity.

Future price movements?

JUP would need to rise by 31.20% in order to reach our five-day target of $1.54. It will be crucial to keep an eye on the sentiment of the JUP market going forward, as well as the critical levels of support and resistance. But we must remember that the markets for cryptocurrencies are erratic, and even the biggest crypto assets exhibit significant price volatility.

The bigger picture

The extent of the activity taking place on exchanges is demonstrated by recent market data, which came after the lowest levels in almost two weeks. Data from CoinGlass, a blockchain data tracking service, indicates days with cumulative long liquidations of more than $300 million. There is now very little movement around the price of Binance's perpetual swaps; there is only a bid support wall around the level of 66,266 dollars. Above the $69,000 price point, sellers are waiting to make an offer.

Before the April halving event, bitcoin miners will soon be able to enjoy the final month of the 6.25 Bitcoin block subsidy. The impact of this event on the behavior of Bitcoin's price is still being discussed, as the peak of the price never happened before a halving event, but rather months after.

For this reason, some analysts think the current price cycle may end sooner than others. Nonetheless, Bitcoin can still follow the conventional strategy regarding the halving event itself.

“In two days, Bitcoin will officially enter the ‘danger zone’ (orange) where historical pre-halving retracements have started. Historically, Bitcoin has experienced pre-halving retracements 14-28 days before the halving event.” popular investor and analyst Rekt Capital noted in an interview.