The Jupiter price has plunged 7.3% in the last 24 hours to trade at $0.4819 as of 5:24 a.m. EST on trading volume that surged 49% to $155 million.
Since achieving its all-time high (ATH) of 0.0212 on Jan. 30, the Jupiter price has been on a downward trajectory, experiencing an 87% slump. This downturn comes as the Solana blockchain’s meme tokens, including new entrants like SMOG and Honk, are on a roll. Can JUP turn it around and join the fun?
Jupiter Price Continues The Downtrend In A Falling Channel
Jupiter’s price has been cumulative over the weekend after the price decline in the 30-minute timeframe, leading to the formation of the bearish flag pattern. Furthermore, the 4-hour timeframe indicates a fall in price within the falling channel.
Bulls have encountered resistance at the $0.6 supply zone, giving control of the price to the bears, which they have capitalized on to drive the price down within the channel.
However, the bulls show resilience, rebounding within the channel at $0.4577 and managing to drive the price up, approaching the previous high at $0.0. A little push in the momentum could see the price jump over the channel, affirming a bullish rally for Jupiter’s price.
The price is currently trading below both the 50-day and 200-day Simple Moving Averages (SMAs), indicating intense buying pressure.
Additionally, the Moving Average Convergence Divergence (MACD) line (blue) indicates support for the ongoing downtrend as it trades just below the signal line (orange). Additionally, the histogram is in the negative, showing red bars slightly extending on the downside.
However, the Relative Strength Index (RSI) is rebounding from below the 30-oversold region, sitting at 31 and trending upward. A continued push should see the RSI surpass the 50 midline level.
Jupiter Price In A Downtrend
Presently, the falling channel pattern amplifies the bearish movement, forcing the price into a downtrend. However, there are indications of a potential buy move to the channel’s upper boundary at $0.5344 in the short term.
If the bearish momentum sustains, the bulls could encounter significant support around the $0.45 level, acting as a buffer against downward pressure
However, as JUP’s value continues to decline, a new contender on the Solana blockchain is transforming the scene with notable advancements. The SMOG meme coin has captured investor attention and seems poised to become a leading Solana-based token.
Since its debut on the Jup Dex, SMOG has experienced remarkable growth and is offering the largest airdrop in history to investors who hold the token.
Investors Flock To SMOG Token: Riding The Wave of Chinese New Year Celebrations
Investors have been rushing to buy more SMOG, a newcomer to the Solana blockchain meme coin scene that is gaining popularity and achieving remarkable growth.
With markets surging on the back of the Chinese Lunar New Year of the Dragon celebrations, investors holding Smog tokens are well-positioned to take advantage of the worldwide festive celebrations within Chinese communities.
These celebrations attract investors seeking to leverage the lucky connotations of the season, particularly given Smog’s dragon-themed appeal. Flush with cash from traditional “red packet” gifts at this time, Chinese are in optimistic mood and more inclined than ever to invest their extra money.
Join The SMOG Airdrop For A Chance At Huge Returns
After a $700 million Jupiter airdrop on Solana made many people millionaires, $SMOG is offering an even larger airdrop to its investors.
The Smog team is giving away 35% of 1.4 billion tokens. All you have to do to join the airdrop is buy and hold $SMOG. This incentive has significantly boosted the token’s popularity, attracting a large and growing community.
Jacob Bury, a crypto analyst and YouTuber, says SMOG is a project with the potential for 1000X returns.
You can buy the SMOG token on its official website to be eligible for the historic airdrop soon. You can also buy directly on JUP DEX.
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