Why can Jupiter (JUP) fall to $0.41?

The crypto market is full of volatility and Jupiter (JUP) is no exception. At the time of writing, JUP is trading at $0.55, up 6.13% in the last 24 hours, indicating that Jupiter may be in a precarious situation.

As traders monitor the potential for a collapse, all eyes are on the flag pattern that may determine whether it is about to move towards $0.41 or not?

What do price actions reveal about Jupiter's direction?

Currently, Jupiter is forming a flag pattern on the chart, which is often a breakout signal leading to a decline. The flag pattern is identified after a strong drop, followed by a consolidation phase, which may indicate that the market is preparing for another downturn.

If this breakout confirms the pattern, the price of JUP could slide down to $0.41, an important support level. Traders are currently monitoring closely to confirm the breakout, as this could trigger stronger selling pressure.

Source: TradingView## Assessment of the weighted sentiment indicator

The psychological analysis of Jupiter shows that the weighted psychological data indicates a relatively low value at -0.344. The negative sentiment suggests a decline in confidence in the market, and investors appear to be less optimistic about Jupiter's short-term prospects.

Although psychological values have fluctuated in recent days, the overall direction remains weak, supporting a bearish outlook.

Additionally, according to the social volume and dominance metrics, there is still some interest in Jupiter, but it has decreased significantly over the past few weeks.

As of the time of writing, the social volume reached 20 and the social dominance ratio was only 0.13%, indicating that the interest in Jupiter is still relatively low.

With such low participation levels, it is unlikely that a sudden price increase will occur unless there is a significant shift in sentiment.

Source: Santiment## H****evelopment activity of Jupiter

Jupiter's recent development activity is at an average level. According to the latest data, the activity increased on March 22, reaching a level of 4.62, indicating there is interest in further development.

However, the overall trend shows a slowdown in activity. This may be a contributing factor to the current stagnation in price movement.

We still have to wait and see if this development momentum is strong enough to reverse the downward trend.

Source: SantimentConsidering the current flag pattern, negative sentiment, low social engagement levels, and moderate development activity, it is highly likely that Jupiter will face further bearish pressure.

If the breakout is confirmed, the price may move towards the target of $0.41. A bearish scenario seems more likely than a bullish one, and traders should remain cautious, closely monitoring price action.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions

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Minh Anh

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