• Jupiter’s price rises, but trading volume drops significantly, indicating weakening market activity.
• The coin has faced a significant decline over the past week, showing ongoing struggles in the market.
• A crucial demand zone offers support, but a price recovery depends on renewed buying momentum.

Jupiter (JUP) has experienced a growth in price of 2.77% over the previous 24 hours, and it is currently trading at $0.3784. However, trading volume has reduced drastically by 42.01%, now being $41.09 million.

This reduction in trading volume shows a decline in the market activity, although the price is changing. The decreased volume, combined with the temporary price growth, reflects a decreased interest among investors.

Source: CoinMarketCap

In the last seven days, JUP has declined 14.77%. This decrease is a reflection of the overall market dynamics and indicates that Jupiter continues to struggle. JUP has failed to sustain sustained growth despite certain temporary rises in the prices. This downward pressure indicates the difficult market conditions that the coin has to confront in the market.

Jupiter Reaches Key Demand Zone, Potential for Price Recovery

Crypto analyst CryptoPulse highlighted that JUP has recently returned to a major zone of demand, which lies between $0.33 and $0.37. The coin has consistently served as a reliable support zone in this area throughout the year. Traders perceive this as a possible purchasing point in case the coin does not go beyond this range. 

Should the buying momentum recover, then there could be a price bounce back to the $0.45-$0.50 range. The strength of this demand zone will be very essential in order to decide the next move of the coin.

Source: X

This support zone has come to the rescue repeatedly, and market participants are optimistic that it will do so once again. When Jupiter is left to go beyond this support, then the coin can have room to increase, but it may largely rely on the general market sentiment. The coming days will be very crucial to determine whether the coin is capable of retaining its position above the demand zone.

RSI and MACD Point to Continued Bearish Pressure for JUP

The Relative Strength Index of 39.48 is a bit lower than the neutral of 50. This implies that JUP is in an oversold position, which implies its weaker market momentum. The RSI below 40 can be an indication that the asset is about to experience a reversal. Nevertheless, additional RSI decreases may reflect the prevailing bearish market.

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The Moving Average Convergence Divergence (MACD) is currently at -0.0306, with the signal line being low at -0.0258. This negative reversal signifies bearish movement still prevails in the short term. Even the MACD histogram represents the negative bars, proving the downward pressure. Jupiter may still experience price pressures until the MACD indicates reversal.

Source: TradingView

Open Interest Rises as JUP Faces Declining Volume

According to CoinGlass data, the trading volume of Jupiter fell by 34.68% to $139.91 million. Nevertheless, Open Interest has grown by 4.73%, currently at $81.79 million. The JUP OI-Weighted Funding Rate is -0.0127%, meaning that the market mood is inclined to negative at the moment. 

Source: CoinGlass

Over the past 24 hours, JUP experienced liquidations of $46.93K, long positions of $37.16K, and short positions of $9.77K. The data also confirms the bearish future trend of JUP.

Source: CoinGlass

JUP has experienced a short-run increase in price, and trading volume is indicative of a declining market interest. This is indicative of popular trends in the market, as the coin has been struggling over the last week. JUP may continue to face challenges in the near future, unless the momentum begins to build.

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