Jupiter DEX Shifts Focus to Retail Adoption Leading to 10% Surge in JUP – What Comes Next?
Jupiter [JUP], the decentralized exchange (DEX) built on Solana [SOL], has recently acquired a controlling interest in Moonshot, an application crafted to simplify the purchase of memecoins through Apple Pay.
This acquisition signifies a bold move in improving its services and expanding its footprint in the memecoin sector.
Strategic Decision by Jupiter?
Moonshot, a popular app among memecoin enthusiasts for its seamless Apple Pay token purchases, has garnered a significant following.
By incorporating Moonshot’s features, Jupiter is broadening its ecosystem to reach a wider audience, including casual investors who prefer traditional payment methods for crypto transactions.
In parallel, Jupiter Exchange has also revealed its collaboration with SonarWatch, a tool enabling users to monitor their digital asset portfolio in real-time.
This integration enhances transparency and simplifies management for investors handling multiple cryptocurrencies.
Could a 43% Increase Be in the Offing?
The recent strategic acquisitions have immediately influenced the price of Jupiter’s token, JUP, which has surged by over 10% in the past 24 hours.
At the time of writing, the token was valued around $0.94, displaying evident positive momentum. This bullish progression was characterized by breaching the $0.90 resistance level and progressing towards the $1.00 mark.
According to CryptoCrypto’s analysis, surpassing the $1.00 resistance could set the stage for a potential rise to $1.35.
Conversely, failure to sustain momentum might trigger a correction towards the $0.75 support level.
Optimistic Trends for Jupiter?
At present, the Adaptive Volatility-Controlled LSMA showcased an uptrend, with its green band indicating a favorable shift in price movement.
Additionally, the Stochastic Oscillator recorded rising values in the overbought territory, hinting at further upward pressure on Jupiter’s price in the short run.
The Awesome Oscillator (AO) echoes this sentiment with a green bar, signaling a strengthening bullish momentum.
Robust Buying Interest in JUP?
The order book illustrated a notable surge in buy orders, indicative of strong buying interest. Trade volumes have been steadily increasing, and price movements have mirrored this heightened market participation.
Data on order imbalances also reflected a significant change in market sentiment, with mounting demand at current price levels. Should this buying trend persist, Jupiter may experience additional price appreciation in the near term.