Jupiter (JUP) topped Torchchain following an 18% rally
The price of Jupiter (JUP) has been impressive in these last two days as the platform confirmed its presence in the decentralized exchange (DEX) market.
The question now is if the cryptocurrency can continue this bull run and outperform its other competitors.
Jupiter makes teeth
Jupiter initiates his native JUP at the end of January. However, the cryptocurrency exploded only last month. The altcoin rose from $0.47 to trade at $1.80 at the time of writing, another 18.54% increase in the last 24 hours.
In doing so, the cryptocurrency has surpassed the likes of Synthetics (SNX) and dYdX (DYDX) in terms of market capitalization. Jupiter is now the fourth largest DEX token with a market cap of $2.4 billion. If this growth continues, JUP will reach its next target, ThorChain (RUNE).
The DEX token has a total market capitalization of $2.7 billion, the altcoin showed a 5% correction last week. So, with less growth and stronger competition from JUP, RUNE may lose its spot to Jupiter.
The recent increase has already defeated the bears who bet on a price correction. In the past three days alone, more than $2.8 million worth of shorts contracts have been rejected.
This will likely keep investors away from betting on the coin, strengthening the bullish momentum.
JUP Price Forecast: Another 12% Rise Expected?
Jupiter's price is currently at $1.77 and is close to breaking through the $1.80 support floor. This would allow it to rise to $2.00, a new all-time high and represent another 12% rally for JUP investors.
Further confirming this result is the Moving Average Convergence Divergence (MACD) indicator, a trend-following momentum indicator used to distinguish between bullish and bearish trends, which also indicates bullishness. The indicator recently pointed to a bullish divergence, suggesting that the momentum may continue.
However, long contracts have been depleting just as much, if not more, than shorts. This is a sign that volatility is costing many traders, which may hold them back for some time. Therefore, the price of JUP may take a hit and drop to $1.40, undermining the breakout view.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
