The digital asset JUNO recently witnessed an impressive surge of 670% within a span of 32 hours, pushing its value from $0.088 to $0.6811. However, a subsequent 24% correction followed, potentially indicating a deeper decline if the crucial $0.4 support level is breached.
During a bullish market, numerous new tokens are introduced daily, yet only a small percentage manage to attract substantial attention and maintain consistent demand.
JUNO has been actively traded since November 2021, achieving its peak value of $45.74 on March 3, 2022.
Following this peak, the token experienced a rapid devaluation, dropping to around $2 in November 2022, marking a significant 94% decline. Presently, the daily trading volume has surged by 200%, reaching $11.75 million.
Potential for Recovery in JUNO Cryptocurrency
Examination of the 4-hour chart reveals a strong bullish trend for JUNO, with triple-digit percentage gains recorded within a day. The substantial increase in trading volume signals optimism for potential future gains, although this is not guaranteed.
Notably, the market structure also appears favorable following this substantial upswing, supported by a CMF indicator of +0.35, reflecting substantial capital inflows. Further, the MACD indicator indicates robust upward momentum, which has yet to show signs of waning.
Despite the recent significant gains, JUNO remains notably down by 98.9% from its historical peak. It appears improbable for the token to rally back to its previous all-time high given current circumstances.
Traders may find opportunities based on Fibonacci retracement levels, with potential buying zones observed at $0.314 and $0.215, albeit accompanied by inherent risks.
Disclaimer: The views expressed herein do not constitute financial, investment, trading, or any form of advice and represent solely the author’s perspective.