Jupiter (JUP) Price Slumps Over 2% as Whale Movement Roils Market

In recent weeks, Jupiter's price trajectory has drastically changed. On July 5, JUP's price broke out of a wider market decline and recorded an impressive 91% rebound.

The price of Jupiter (JUP) decreased by over 2% during a choppy trading session, as the movement of a "whale" in the market influenced the token's price.

At the time of writing, according to data from CoinMarketCap, the token was trading at $1.05, down 1.90%.

Jupiter's choppy trading session affects investor sentiment

Over the past few weeks, Jupiter's price trajectory has shifted drastically. On July 5, JUP's price broke out of a broader market decline and surged by an impressive 91%. This trend propelled the token into a strong uptrend.

However, this enthusiasm was short-lived, as the price has dropped by over 13% since peaking at $1.22 on July 29. Interestingly, the price is now slightly lower than its starting point, wiping out the gains from the previous uptrend.

This 100% retracement could indicate a possible change in sentiment, and on-chain data suggests that large-scale investors, or "whales," may also be contributing to the price decline by selling their JUP tokens.

Jupiter whale movement leads to price decline

One JUP whale made a significant move on July 29, selling over 202,473.53 JUP tokens at an average price of $1.093 each, for an estimated total value of $221,276.74. This sale caused JUP's price to drop by 11%.

The whale initiated a series of trades involving large volumes of JUP and WSOL tokens. Initially, 404,947.058408 JUP (around $439,150.1) was moved from one address to another.

Will Jupiter experience more red trading days

According to current projections, the price of Jupiter is expected to rise by 226.15% in the next month, reaching $3.50.

The Fear & Greed Index for the coin is currently reading 67 (Greed), according to technical indicators. This indicates a neutral mindset for JUP.

Over the past 30 days, Jupiter had 19/30 (63%) green days and 14.76% price volatility. The overall sentiment regarding Jupiter price projection is neutral. At present, 14 technical analysis indicators show bullish signs and 5 indicate bearish indications.

During the same period, Jupiter's 200-day SMA is expected to rise, reaching $0.00 by August 29, 2024. Meanwhile, Jupiters short-term 50-Day SMA is set to reach $1.652805.

The Relative Strength Index (RSI) is a momentum oscillator that is widely used and serves to indicate when a cryptocurrency is either overbought (above 70) or oversold (below 30). With an RSI reading of 63.21, the JUP market is currently neutral.

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