JUP Price Targets $2 Even As Jupiter DEX Volume Plunges

The enthusiasm witnessed this week has been diminishing as cryptocurrencies take a breather following impressive price surges. Besides Bitcoin’s run to $65,000, altcoins from a wide spectrum soared from their respective rabbit holes, contributing to the burgeoning $2.37 trillion market cap. However, JUP price ignores all the bearish sentiments to post a 7% increase to $0.98 on top of a 25% gain in a fortnight.

JUP Price Rallies Despite DEX Volume Slump

JUP like UNI is a decentralized exchange (DEX) based token. Following its introduction via an airdrop to the exchange users, JUP sprung to stardom immediately soaring to a new all-time high of $2 according to CoinGecko data.

Jupiter stands out as the 11th-largest DEX boasting $128 million in trading volume. However, an 80% drop in the volume points to dwindling interest among investors in the decentralized exchange market.

Conversely, JUP price shows a reignited uptrend, eyeing a daily close above $1. Several technical indicators stand behind the bullish thesis starting with the 20-day Exponential Moving Average (EMA) and the 50-day EMA in line to provide support. JUP seems poised to flip the SuperTrend into support as it continues moving toward the short-term $1 goal.

Key Technical Indicators Fall In Line As JUP Rises

The SuperTrend indicator is used to simplify trend interpretation by combining price and volatility (ATR) into a single line. It holds above the price for uptrends and below for downtrends. Traders refer to this indicator aiming to identify potential entry and exit points.

JUP traders would be looking out for the SuperTrend flip below the price, with the color changing to green. Should the uptrend continue, FOMO will engulf the market paving the way for a run to $2, the previous all-time high.

With the anticipated breach of the $1 hurdle, a golden cross pattern will further the rally. A golden cross is established when a short-term moving average like the 20-day EMA in the case of JUP decisively crosses above a long-term moving average such as the 50-day EMA, signaling a potential shift from a downtrend to an uptrend.

The formation of this pattern suggests increasing buying pressure and bullish sentiment. Also in line with the bullish outlook is a buy signal from the Moving Average Convergence Divergence (MACD).

Jupiter’s eyes a long-term uptrend considers an 11% jump in the futures market open interest with an OI/volume ratio of 0.3596.

Open interest in trading reflects the number of outstanding contracts (futures or options) that haven’t been settled yet. It indicates potential buying or selling pressure based on whether contracts are opening or closing.

When open interest is rising, it sends a bullish signal for a continued increase in value. Therefore, the current JUP price analysis observes that this could be the right moment to gather forces for a major rally to $2.