JUP - Jupiter in DANGER after Airdrop Criticism ❗
📉Hi Traders, Investors and Speculators of Charts📈
Because Jupiter is newly released, we're currently seeing that first hard initial dump. This is mostly airdrop holders dumping and traders shorting on the way down. And unfortunately in the short term timeframe, there isn't sufficient buying pressure showing up to outweigh the enormous selling pressure:
Being unable to close ABOVE resistance after that low wick indicates heavy selling pressure and insufficient buying pressure, short term.
Another scary development is criticism from the community about the airdrop. According to a few news outlets, users are concerned that Jupiter is using this open market opportunity to raise funds without users being “completely aware” this was the case.
A key issue raised is about the Jupiter team’s method of offering JUP on the open market.
Users are claiming this is basically to raise funds from the open market and according to critics, this detail was not clearly communicated to those participating, leading to discussions about the level of transparency and the degree to which buyers were making informed decisions.
The Jupiter team has been very active on X and quickly responded to concerns. Meow, the founder of Jupiter, wrote in an X post that the team would have received more funds had they opted for an over-the-counter deal or a regular initial DEX offering. According to the team, the reason they had launched their token in the way they did was to ensure that airdrop recipients would be able to sell into a massive pool, while prospective buyers would have the assurance that there would be a big enough pool to absorb selling pressure from airdrops.
We have gathered just enough data from the exchanges to form a 200d moving averages in the 1h. Naturally, to even begin to consider a trend reversal, we would need to see price action ABOVE all the moving averages in the 1h:
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JUPUSDT
Because Jupiter is newly released, we're currently seeing that first hard initial dump. This is mostly airdrop holders dumping and traders shorting on the way down. And unfortunately in the short term timeframe, there isn't sufficient buying pressure showing up to outweigh the enormous selling pressure:
Being unable to close ABOVE resistance after that low wick indicates heavy selling pressure and insufficient buying pressure, short term.
Another scary development is criticism from the community about the airdrop. According to a few news outlets, users are concerned that Jupiter is using this open market opportunity to raise funds without users being “completely aware” this was the case.
A key issue raised is about the Jupiter team’s method of offering JUP on the open market.
Users are claiming this is basically to raise funds from the open market and according to critics, this detail was not clearly communicated to those participating, leading to discussions about the level of transparency and the degree to which buyers were making informed decisions.
The Jupiter team has been very active on X and quickly responded to concerns. Meow, the founder of Jupiter, wrote in an X post that the team would have received more funds had they opted for an over-the-counter deal or a regular initial DEX offering. According to the team, the reason they had launched their token in the way they did was to ensure that airdrop recipients would be able to sell into a massive pool, while prospective buyers would have the assurance that there would be a big enough pool to absorb selling pressure from airdrops.
We have gathered just enough data from the exchanges to form a 200d moving averages in the 1h. Naturally, to even begin to consider a trend reversal, we would need to see price action ABOVE all the moving averages in the 1h:
If you found this content helpful, please remember to hit like and subscribe and never miss a moment in the markets.
_______________________
📢Follow us here on TradingView for daily updates📢
👍Hit like & Follow 👍
CryptoCheck
JUPUSDT
Comment:
SHORT on JUP until I can see daily closes above both these zones for at least two days:
