A dip to the $0.314 and $0.215 could offer a buying opportunity for JUNO, but it is laced with risk.
- JUNO crypto has a strong bullish outlook for the coming days. Traders and investors should be prepared for the possibility that demand might not be enough for further gains.
Juno [JUNO] crypto bulls achieved a 670% rally in 32 hours, taking the token’s price from $0.088 to $0.6811. Since then, there has been a 24% pullback. This drop could go deeper if the $0.4 zone is breached.
A bull market is in progress and thousands of tokens are being launched daily. Only a tiny fraction of these launches garner enough attention to drive steady demand.
Juno has been trading since November 2021. It reached its all-time high of $45.74 on the 3rd of March 2022.
The token saw its value disappear quickly and in November 2022 was trading around the $2 mark, a 94% drawdown. The daily trading volume has increased by 200% and was $11.75 million at press time.
Chances of a JUNO crypto recovery
Source: JUNO/USD on DEXScreener
Juno has a strongly bullish structure on the 4-hour chart after registering triple-digit percentage gains within 24 hours. The high trading volume was a sign of bullishness.
It suggested that more gains could come, but it was no guarantee.
The market structure was also bullish after such a strong move. The CMF was at +0.35 to signal hefty capital inflow to the market, corroborated by the daily trading volume hike.
The MACD indicator signaled firm upward momentum and has not begun to weaken yet.
Is your portfolio green? Check out the JUNO Profit Calculator
At press time, despite the strong gains of the past few days, the token is still down 98.9% from its all-time high. Despite the recent gains, it is highly unlikely that JUNO can move toward its previous all-time high.
Traders might be able to benefit from the Fibonacci retracement levels plotted. A dip to the $0.314 and $0.215 could offer a buying opportunity, but it is laced with risk.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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