Jupiter (JUP) Meme Coin Price Crash: Is the Bull Run Over?

Hold onto your hats, JUP fans! Jupiter (JUP), the meme coin that was riding high just a couple of months ago, has seen its price take a nosedive. Since peaking in December, JUP has lost over half its value, and things aren't looking too bright right now. In fact, JUP is currently leading the pack of today's biggest losers.

Jupiter's Price Freefall

After hitting some resistance and failing to maintain momentum since December, JUP attempted a comeback. For a week, it struggled to climb back above the $1 mark, but unfortunately, it just couldn't break through.

Then came another sharp rejection last week, sending the price tumbling back down to around $0.85. This week, the selling pressure intensified, pushing the price down to a daily low of $0.7. This drop was significant because it broke through a crucial support level at $0.76. This level had been acting as a price floor for months, but now it's been breached, and JUP is looking pretty bearish on the daily charts.

Is There Any Hope for a Rebound?

Currently, JUP is eyeing a yearly support level, which is a critical point. If the price falls below this level, we could see a major crash in the mid-term. However, this support level is also a potential battleground. If buyers step in and defend it strongly, we might see a bounce back, at least in the short term.

From a technical analysis perspective, it seems like the bears are in control right now. This could signal the end of the recent bull run if the price continues to drop. But, crypto markets are known for surprises! If the bulls react strongly to this latest price drop, there's still a chance for a turnaround.

Key Levels to Watch for JUP

JUP is currently heading towards a yearly support level of $0.66 after today's sharp decline. If the price breaks below this, we could quickly see it plunge to the $0.6 and even $0.55 range.

On the flip side, if JUP manages to reclaim the lost $0.76 level, we might see a retest of the $0.913 resistance level before any potential bearish continuation. Looking further up, the key resistance levels to watch are $1.075 and $1.28.

Key Resistance Levels:

• $0.913
• $1.075
• $1.28

Key Support Levels:

• $0.66
• $0.6
• $0.55

Current JUP Price: $0.73

Trend: Bearish

Volatility: High

Disclaimer: This is not financial advice. Crypto trading is risky. Always do your own research before investing in any cryptocurrency.