Jupiter [JUP], the decentralized exchange (DEX) built on Solana [SOL], has secured a majority stake in Moonshot, an application aimed at simplifying memecoin transactions using Apple Pay.
This acquisition represents a bold move towards enhancing its services for users and extending its footprint in the memecoin market.
A Tactical Step for Jupiter?
Moonshot has garnered significant attention from memecoin enthusiasts for providing a convenient method to purchase tokens via Apple Pay.
By integrating Moonshot’s features, Jupiter is broadening its ecosystem to cater to a wider audience, including casual investors who prefer the ease of conventional payment methods for crypto transactions.
In addition to Moonshot, Jupiter Exchange has also revealed its collaboration with SonarWatch, a tool enabling users to track their digital asset holdings in real-time.
This integration offers enhanced transparency and user-friendliness, simplifying the monitoring and management of various cryptocurrencies.
Could a 43% Rally Be on the Horizon?
The recent strategic acquisitions have had an instant impact on Jupiter’s native token, JUP, with a noticeable increase of over 10% in the last day.
At current levels, the token was valued around $0.94, demonstrating clear upward momentum. The bullish trend was evident with a price breakthrough above the $0.90 resistance level, pushing towards the $1.00 threshold.
An analysis by CryptoCrypto indicated that breaching the $1.00 resistance might set the stage for targeting the $1.35 mark.
However, a loss of momentum could potentially lead to a correction down to the $0.75 support level.
Promising Trends for Jupiter?
The Adaptive Volatility-Controlled LSMA (Least Squares Moving Average) currently suggests an upward trend, with its green band indicating a positive shift in price direction.
This observation is supported by rising values on the Stochastic Oscillator, which has entered the overbought zone, hinting at possible continued upward pressure on Jupiter’s price in the short run.
Moreover, the Awesome Oscillator (AO) corroborates these findings, showing a growing bullish momentum with a green bar.
Robust Buying Activity for JUP?
The order book display reveals a notable surge in buy orders, underscoring strong buying interest. Trade volume has been steadily increasing, mirroring the heightened market activity.
Furthermore, data on order imbalances indicates significant shifts in market sentiment, with heightened demand at current price levels. Should this buying trend persist, Jupiter may witness further price appreciation in the near future.