Bitcoin

Jupiter Price Prediction: Solana Token JUP Plummets 63% After Launch, But This Unusual Green Presale Has Rocketed Past $720K

4 Mins read

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The Jupiter price crashed 63% in the last 24 hours to trade for $0.5899 as of 3:30 a.m. EST time.

It comes after days of headlines around the Solana theme and the Wen (WEN) airdrop. The Jupiter airdrop strategy was part of a bigger plan to influence the Jupiter decentralized exchange’s (DEX) performance and its native crypto, JUP, according to media reports.

Days later, JUP secured a listing on Bitfinex, marking the fourth centralized exchange to list the altcoin, including Bybit, XT.com and Bilaxy. The token started trading on Bitfinex on January 31. The list of exchanges has since grown, with Binance, Gate.io, Kucoin, OKX, and HTX Global also listing Jupiter DEX’s JUP token.

The Jupiter price rallied ahead of the listing but has dwindled post-event, which is typical of the buy the rumor sell the news situation. This is a trading strategy where a trader buys an asset based on speculation about an upcoming news announcement. In this case, listing on Bitfinex and other exchanges. Thereafter, the trader sells the asset after the news is made public.

The adage provides proactive traders an opportunity to buy the asset before everyone wants to buy it. This means they are able to turn a profit by selling it when the demand and the price of the asset increases.

Jupiter Price Outlook As The Buy The Rumor Sell The News Situation Plays Out

The Jupiter price is consolidating within a descending parallel channel as traders cash in on the gains made ahead of the listing. The position of the Relative Strength Index (RSI) below 50 points to a weak price strength and tilts the odds in favor of the bears. The Moving Average Convergence Divergence (MACD) is also below the zero line in negative territory, reinforcing the bearish outlook.

With this, the Jupiter price could likely extend the fall, potentially losing the $0.5761 support floor. In the dire case, the JUP token could extend the fall to tests the range low at $0.5636.

Jupiter price

TradingView: JUP/USDT 30-min chart

Conversely, a reentry by the bulls could send the Jupiter price north, overcoming the resistance due to the upper boundary of the descending parallel. An extended climb could send the altcoin to $0.6500, or in a highly bullish case, extend the climb to the range high of $0.7025. Such a move would constitute a 25% climb above current levels.

Meanwhile, attention has turned to eTukTuk, a new ICO whose hallmark is a green crypto focusing on electric vehicles. According to analysts, the token could 10X on launch.

Promising Alternative To Jupiter

Standing among analysts’ top choices for the best ICOs to buy in 2024, eTukTuk is a revolutionary cryptocurrency project coming onto the scene to help Tuk Tuk drivers adopt a more energy-efficient mode of transportation.

The project’s hallmark is centered on developing economies. The $TUK token powers its commitment to bringing electric Tuk Tuks and a network of  Electric Vehicle Charging Stations (EVSEs) to developing economies in South Asia and Africa, starting with Sri Lanka.

eTukTuk distinguishes itself by presenting a robust use case. Specifically, it has a well-defined concept, meeting users where blockchain tech and sustainability intersect.

The team is committed to establishing an ecosystem dedicated to combating carbon emissions. This is through the integration of blockchain technology and AI advancements, and the promotion of environmentally friendly transportation options. Ultimately, this is expected to propel the global transition to electric vehicles.

eTukTuk also has a staking function, with investors getting rewards while drivers enjoy reduced costs. More interestingly, the project has a staking function, with stakers enjoying annual percentage yields (APY) as high as 303%.

Tuk stake

The $TUK Token rewards will be distributed to users at a rate of 4.75 $TUK per BSC block. Rewards will be payable over 3 years and are determined by your share of the staking pool and annual returns percentage. Notably, the APY continues to decrease over time meaning that early stakers have an advantage over late bloomers.

Investors looking to buy TUK can do so on the website, with each token selling for $0.02625, a price tag that will only stand for the next twelve days. Join the eTukTuk sustainable transportation revolution with the green $TUK token presale here.

Also Read:

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