JUP opened Sunday at $0.97 and retraced to a low of $0.89. It rebounded and surged, breaking its seven-day high. The token reclaimed its $1 status and peaked at $1.25.
The latest increase is unsurprising as the asset registered notable increases during the previous intraday session. It gained over 15% and almost 6% on Friday. Several factors played out, resulting in the ongoing trend.
The parent project of JUP announced the acquisition of crypto trading platform Moonshot on Jan.25. It bought a majority stake in the platform, taking it a step closer to reaching a larger audience while expanding its services. Its price increased as traders became excited by the prospect.
The latest surge was due to another fundamental. Jupiter concluded its latest event with a massive announcement. The project said it will use 50% of its revenues to buyback circulating JUP. While the declaration met different reactions, price movements show that most investors remain bullish.
JUP’s latest increase marks a 360 in its price trend since the week started. It started Monday with massive losses. The declines continued with buyback starting three day later. However, the latest increase sparks concerns.
JUP had A Bearish Start
Jupiter’s native token started a downtrend on last Sunday after it had a massive increase the day before. The asset gained over 36% on Jan. 18 as it peaked $1.16. It faced significant downtrends the following day, dropping from $1.22 to a low of $0.96, losing over 15%.
The downtrend continued into the new week as the altcoin retraced from $1.04 to $0.89 on Monday. JUP lost over 15% over the next two days. It rebounded on Thursday and erased all the losses it incurred.
However, the latest increase sparks fear of a reversal. The asset gained over 10% in the last seven days and broke out of its bollinger band. The break out may be a sign of an impending downtrend. JUP may lose it $1 status again
