Title: Jupiter [JUP]: Potential 39% Dip Looms if THIS Occurs

Analysis of Jupiter [JUP]: Potential Downtrend of 39% Expected

During the last month, Jupiter [JUP] has been experiencing a bearish trend, with a significant 34.29% drop. This downward movement has continued, resulting in an additional 11.38% decrease in the past 24 hours.

Based on on-chain data, it appears that market participants are maintaining a pessimistic outlook, indicating that the decline may not be nearing its end. A recent report by CryptoCrypto suggests that JUP’s value could potentially plummet to as low as $0.40.

Market Conditions Likely to Influence JUP’s Position

Market activities have been on the decline over the previous month, evident in the decreasing number of daily active addresses and transactions.

According to statistics from Artemis, the number of daily active addresses has fallen from 724,400 on February 10 to 433,800 at present. This sharp decline is a sign of reduced involvement in the market.

Simultaneously, there has been a notable drop in daily transactions. After reaching a peak on January 19, transactions have now hit a yearly low of 1.1 million.

The decrease in transaction frequency on the Jupiter platform reflects the dwindling active addresses, hinting at reduced engagement that has in turn contributed to the decline in JUP’s value.

This drop in activity has been paralleled by a surge in Trading Volume, while revenue has slumped to its lowest point.

With trading volume hitting $531.9 million at the time of this report, a level not seen since February 12, the surging volume amid falling prices seems to indicate a phase of market distribution with an increased number of sellers in the fray.

During this period, Jupiter’s revenue has nosedived to $7,870 from the monthly peak of $27,670 and the all-time high of $149,930. Such consistent revenue drops have a negative impact on the price, signaling reduced liquidity on the platform.

Considering the prevailing bearish sentiment, CryptoCrypto’s analysis has forecasted a possible further decline in JUP’s value.

Anticipated Support-Level Breach Leading to a Significant Downturn

Jupiter has reached a critical support zone on its daily chart, a zone that has historically triggered price surges on four separate occasions. Should this pattern persist, the asset could pierce the descending resistance line, potentially culminating in a rally towards $1.40.

Conversely, failure to maintain the support level at $0.718 may result in a substantial drop to $0.43, marking a sizable 39% descent.

Given the prevalent bearish market sentiment, it is more likely that JUP will breach support and descend to the projected level.