The governance token of the Jupiter decentralized exchange aggregator, JUP, has resumed its bullish momentum after a period of downward slope. Over the last 24 hours, JUP has rallied 12% continuing the uptrend it had immediately after its airdrop distribution on January 31st.
Launched just 16 days ago, the total supply of JUP is 10 billion, with 4 billion set to be airdropped to eligible Jupiter platform users. JUP allows holders to participate in decision-making and contribute to the development of the platform.
Dollar-Cost Average Spot Buys Recommended
According to analyst Efloud, given the nascency of the JUP token, its price chart has a high probability of deviation. As such, he advises avoiding unnecessary risks by dollar-cost averaging spot buys instead of leveraged positions.
“I recommend spot buying, I advise you to avoid unnecessary risks. I have read and heard a lot of good fundamental information about the project, so I bought a small amount as an investment (average $0.5),” Efloud tweeted.
JUP Price Chart Shows Potential Bottom
Further analysis of the JUPUSDT chart shows a potential fractal bottom pattern could have emerged, noting key levels that could propel a move to test prior imbalance highs if surpassed. However, analyst Efloud cautions further upside depends on a decisive breakout from the current channel.
After an initial spike, JUP stabilized over the past week between $0.40-$0.60 as buyers returned following extreme post-launch volatility. Its renewed uptrend will need to be monitored to gauge sustainability.
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