- Jupiter Exchange has prepared a proposal that aims to burn 30% of the total supply.
- Jupiter price retests a key support area extending from $0.637 to $0.708.
- On-chain data shows that JUP Total Value Locked (TVL) is increasing.
- A daily candlestick close below $0.637 would invalidate the bullish thesis.
Jupiter Exchange has formulated a proposal to burn 30% (3 billion tokens valued at $2.3 billion) of the total JUP supply, focusing on deducting this reduction from team allocations while ensuring no impact on annual JUP airdrops to the community. This strategic move is expected to decrease the supply of JUP, potentially signaling a bullish trend for Jupiter's price.
In this crucial planetary call, we covered the past, present and future of JUP, including the proposal for supply reduction and future jupuaries and ASR.
— Jupiter (@JupiterExchange) June 19, 2024
Here are the timestamps for the key topics covered - enjoy!
——-
04:04 - The Future of JUP
05:45 - Key Ideas Behind $JUP… https://t.co/OqbjsRkfar
Jupiter price shows a bullish divergence
Jupiter price retest is a key support area that extended from $0.637 to $0.708 on Tuesday and bounced 5% to its current trading price of $0.778.
Additionally, the lower low formed on June 18 does not reflect the Relative Strength Index’s (RSI) higher highs for the same period on the 4-hour chart below. This development is termed a bullish divergence and often leads to the reversal of the trend or a short-term rally.
If the $0.637 to $0.708 level holds, JUP could rally 21% from its current trading price of $0.778 to tag its 50% price retracement level at $0.945.
Moreover, if Jupiter's price closes above $0.945, it could extend an additional 25% rally to retest its high of $1.018 on June 5.
JUP/USDT 4-hour chart
Additionally, crypto intelligence tracker DefiLlama data shows that JUP’s Total Value Locked (TVL) increased from $383.14 million on June 14 to $401.3 million on June 20.
This 4.7% increase in TVL indicates growing activity and interest within the JUP ecosystem. It suggests that more users are depositing or utilizing assets within JUP-based protocols, adding further credence to the bullish outlook.
JUP TVL chart
Even though news, technical analysis and on-chain metrics point to a bullish outlook. If Jupiter's price produces a daily candlestick close below the $0.637 support area, the move will invalidate the bullish thesis by making a lower low on the daily time frame. This development could see JUP's price crash by 27% to retest its daily low of $0.470 from March 5.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.