The price of Jupiter’s JUP has been down by 13% in the last 24 hours. Stacks (STX) is also following in the same direction, with more than 13% price fall in the past 4 days.
What you'll learn 👉
Jupiter Reaches Strong Resistance
For Jupiter’s JUP, it is a case of history repeating itself.
The price has consistently bounced off the strong resistance at around $1.1.
This happened once in mid-April, twice in mid-May, and once in June.
As the price touched the point again yesterday, it triggered a selling pressure, probably because many short-term traders who have identified the pattern started to take profit.
If the pattern repeats itself, we could see a decline to $0.95, and if that also breaks, the price could dip to $0.7.
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Stacks (STX) Continues Consolidation
The price of STX broke out of a descending trendline in mid-July. Following the breakout, the price retested the trendline successfully.
The general expectation after such a move would be that the price will start to spike.
However, Stacks started to trade sideways between $1.7 and $2.0.
The price started to decline two days ago after it hit the top of the consolidation, with the potential short-term target being $1.7 at the base of the consolidation.
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