Jupiter Price News: JUP Could Rise to $1 After Launch of Lending Protocol

The protocol announced just 20 hours ago in its official X account that they will reveal a big milestone that Jupiter’s decentralized exchange (DEX) apparently has reached.

Jupiter is currently the 2nd largest DEX aggregator of the crypto industry with 24-hour trading volumes exceeding $1 billion.

The protocol accounts for a bit more than a third of the market share of the DEX aggregator’s market, only surpassed by 1inch.

This project has solely launched in the Solana blockchain. Hence, if it opts to support multiple other chains in the future, its trading volumes and price could explode and push it closer to its rival’s current figures.

DEX aggregators consolidate the price data of multiple exchanges in a specific blockchain to give users the best route to execute their trades, guaranteeing that they are accessing the lowest price possible every time.

Bullish Breakout of 200-Day EMA Needed

Recently, Jupiter launched “Lend”, a new protocol through which users will be able to lend and borrow Solana-based assets to generate income and access cheap financing for their trades.

This could increase the platform’s market share in the DeFi space and could result in higher demand for JUP in the near term.

JUP seems on track to hit the 200-day exponential moving average (EMA), which currently stands at around $0.67.

The daily price chart shows that JUP’s bullish structure has held well during the latest pullback and momentum continues to be strong as the Relative Strength Index (RSI) has crossed above the 14-day moving average recently.

If the uptrend continues, the most powerful buy signal for JUP would come if the 21-day EMA makes a ‘golden cross’ with the 200-day EMA.

The last time it happened, this signal resulted in a bull trap and was followed by a strong downtrend. However, on a previous occasion, it resulted in short-term gains of 40.5%. This means that JUP could rise to almost $1 per token if this bullish crossover occurs.

If JUP rises above its 200-day EMA, this would confirm a bullish outlook. Aggressive traders may enter once (or if) the breakout occurs and it is accompanied by strong trading volumes.

Meanwhile, conservative traders may wait for a golden cross or wait for a retest to confirm their entry.

Hourly Chart Shows Potential for a Short Position

Looking at a lower time frame, the price action confirms strong selling pressure at the $0.62 area.

The price has retreated several times from these levels in the past few weeks and is already rejecting a move above it.

An “M” price pattern has been forming in the hourly chart that already resulted in a strong downtrend the last time it happened.

This could be an opportunity for short sellers if they believe the price could retreat strongly off these levels. However, the most conservative approach would be to wait for a break of structure below the $0.57 level to confirm that a downtrend has started.

If that happens, a retest of this level from below will confirm a bearish price outlook and a potential move back to $0.51, which would offer a highly attractive risk-reward ratio for a short position.