As a seasoned crypto investor with over a decade of experience navigating the volatile and unpredictable world of digital assets, I find myself intrigued by the recent developments surrounding Jupiter Exchange and its native token, JUP. The proposal to burn 30% of the total JUP supply from the team allocation is nothing short of revolutionary, setting the stage for what could potentially be the largest token burn in crypto history.
The cost of Jupiter is moving upward since it exceeded a significant bullish chart pattern. Typically, breakouts are swift, but the current market circumstances are slowing down the rise in JUP price. However, the asset could surge due to the Co-Founder of Jupiter submitting a plan to destroy 30% of the total JUP supply from their reserves. The JUP price went up by 0.2% over the past day, and this news suggests potential future growth.
$2 Billion Worth of JUP To Vanish
On platform X, previously known as Twitter, Jupiter Exchange shared an idea for lowering the supply of their Jupiter token from the team’s reserve.
As a crypto investor holding JUP tokens, I’m excited about the live Supply Reduction Proposal. This initiative aims to bring more predictability, harmony, and openness (CAT) for every JUP holder and our broader community.
Vote Now:
This is the first of 3 J4J votes, with upcoming votes for extending Jupuaries and…
— Jupiter (@JupiterExchange) August 1, 2024
As a seasoned cryptocurrency investor with years of experience under my belt, I find the proposed action by the Jupiter Exchange DAO particularly intriguing. The decision to burn 30% of the total supply of JUP tokens held by the team is a bold move that could potentially reshape the crypto landscape. Given my past encounters with token burns and their impact on token values, I believe this action could have significant consequences for the value of JUP tokens.
Jupiter Exchange currently holds the distinction as the world’s largest Decentralized Autonomous Organization (DAO) and is the most frequently utilized decentralized trading platform on the Solana blockchain.
As per Weremeow, the Co-Founder of Jupiter Exchange, if the proposal gets approved, the reduction in the JUP’s total supply will take place gradually over a period of six months. This adjustment will decrease the number of JUP tokens from 10 billion to 7 billion. It is anticipated that this change could potentially boost the value of Jupiter.
Jupiter Price to Surpass $1.5 Soon
The graph of JUP’s price demonstrates a general upward trajectory, having burst through a declining wedge formation. Since mid-June, the price has consistently risen to new highs and touched new lows, indicating an overall positive trend. Moreover, the current price movement lies above the 50-day exponential moving average (represented by a green line), further reinforcing the assumption that the price trend is on the rise.
As a researcher, I’ve noticed that the latest candle formations exhibit a pattern reminiscent of a double top. Historically, this pattern is often associated with a potential bearish reversal. If the price movement dips below the horizontal line, roughly at $0.95, it could signal such a reversal.
The key support levels for Jupiter price are:
- Support: Around $0.88 , as indicated by recent price action and previous resistance turning into support. This also coincides with the 50-day EMA.
- Resistance: Around $1.11 and $1.28, where the price has tested multiple times but failed to break above.
In simpler terms, the Relative Strength Index (RSI) stands at 51.96, signifying a moderate increase in buying activity but not excessive. This suggests a generally optimistic market trend. Meanwhile, the Moving Average Convergence Divergence (MACD) line is positioned above its signal line, implying an upward momentum. The histogram, which acts as a supporting tool, shows positive values, reinforcing this bullish prediction.
As a crypto investor, I’ve noticed an uptick in the trading volume of JUP during its breakout phase. This surge lends credibility to the trend we’re seeing. Moreover, the recent volumes have remained fairly consistent, suggesting that there’s continued enthusiasm among investors.
If the price falls below $0.68 and doesn’t recover to surpass that level again, this could indicate a weak market trend, making the bullish prediction for Jupiter’s price uncertain. Consequently, the price might decrease further towards the next significant support level at $0.49.
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2024-08-02 11:49