Jupiter (JUP) Crypto Seems to Be in a Tough Spot in the Market

The token's price has dropped by 26% in two weeks, with the trading volume falling by 18% in the last 24 hours alone – A sign of bearish market sentiment.

Bitcoin Price Analysis for August 22Bitcoin price has seen a strong recovery over the past few days, rising from a low of $19,766 on August 19 to a high of $21,164 on August 21. This marks a gain of over 7% in just two days of trading.

The relative strength index (RSI) on the hourly chart has also risen sharply during this period, moving from a low of 34.6 to a high of 56.9. This indicates that bullish momentum is building up behind BTC, and traders can expect further gains in the coming hours.

On the downside, a failure to hold above the 50 moving average (MA) on the hourly chart could lead to a retest of the $20,000 support level. A breakdown below this level would open the door for a deeper sell-off towards the $19,000 zone.

Bitcoin price drops below 50 MA on the 15-minute chartBitcoin price began the new week with a bullish momentum, rising from a low of $19,766 on August 19 to a high of $21,164 on August 21. This marks a gain of over 7% in just two days of trading.

The 15-minuteの時間枠 on the above chart shows that BTC price dropped below the 50 moving average (MA) after rising to a high of $21,113. A further sell-off pressure could see the flagship cryptocurrency collect the liquidity below the demand zone, before beginning the next leg up.

Bitcoin price collects liquidity at a lower demand zoneA failure to hold above the 50 MA on the 15-minuteの時間枠 could lead to a retest of the $20,000 support level. A breakdown below this level would open the door for a deeper sell-off towards the $19,000 zone.

On the other hand, a bullish momentum is to be expected as Bitcoin price collects liquidity at a lower demand zone, before beginning the next leg up.

The above is the detailed content of Jupiter (JUP) Crypto Seems to Be in a Tough Spot in the Market. For more information, please follow other related articles on the PHP Chinese website!