JUP Bulls Rally Amid CWG Budget Drama: Is a Breakout Looming?

• JUP token sees a bullish trend, eyeing $1.84 resistance.
• Controversial CWG budget proposal sparks community backlash.
• 4-hour chart JUP indicators suggest a potential market reversal for JUP.

This week, the Jupiter token (JUP) exhibited a strong upward trend, with its trading range defined by an immediate resistance level at $1.84 and a support level at $1.25. The ongoing bullish momentum suggests that JUP may soon surpass the $1.84 resistance.

Conversely, should market sentiment take a turn, the $1.45 level will serve as a critical juncture to monitor for any downward adjustments. As of press time, JUP is trading at $1.68, marking a 2.98% rise over the past 24 hours, as per CoinStats.

JUP/USD 1-Day Chart (Source: CoinStats )

The daily trading dynamics further reveal an intriguing pattern. Opening at $1.63, JUP faced a downturn to an intraday low of $1.51, marking it as the day’s support level. However, a swift recovery ensued, driven by bullish momentum that escalated the price to an intraday peak of $1.70, now serving as the immediate resistance level.

In tandem with the price surge, Jupiter’s market capitalization experienced a 3.46% increase, reaching a $2.287 billion valuation. Contrary to the market cap’s growth, trading volume saw a decrease of 14.44%, settling at $544 million, indicating a possible consolidation phase following the rapid price escalation.

Key Announcements Propel JUP’s Market Activity

The recent surge in buying activity surrounding Jupiter tokens seems to be driven by two notable announcements from the Jupiter Core Working Group (CWG). Initially, the CWG sought to engage directly with its community through a Spaces event on X, primarily focusing on discussions around the Jupiter DAO budget and addressing various misconceptions.

Important Twitter space moderated by @weremeow is happening in 5 minutes for the CWG budget vote.

All key areas of concerns will be discussed, including accountability triggers.

Do join this call if you are interested in the future of WG formation in Jupiter. https://t.co/R1iK2n6rt6

— Jupiter 　　Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.