JUPUSDT Market Overview – 2025-11-08

Summary
• JUPUSDT drifted lower over the past 24 hours, closing near a 24-hour low amid a bearish bias.
• Volatility expanded after 19:00 ET, with price dipping below key support at $0.356.
• Volume surged post-22:00 ET, but failed to confirm a bullish reversal, hinting at bearish momentum.
• RSI signaled oversold territory near 30, suggesting potential for a near-term bounce.

Jupiter/Tether (JUPUSDT) opened at $0.3497 (12:00 ET–1) and reached a high of $0.3686 before closing at $0.3487 at 12:00 ET. The 24-hour volume was 30,840,534.5 with a notional turnover of $10,951,264. The pair displayed a bearish trend with intermittent signs of short-term oversold conditions, particularly after the late-night dip.

Support levels appear to consolidate around $0.348–0.350, while resistance remains weak at $0.355–0.360. A doji formed near $0.3505–0.3515, indicating indecision. A bearish engulfing pattern formed around 22:00–22:30 ET, suggesting further downward pressure may follow if volume remains heavy.

On the 15-minute chart, the 20-period EMA crossed below the 50-period line, confirming a bearish bias. The 50-period daily MA is trending lower, indicating bearish dominance on the larger timeframes.

MACD showed a bearish crossover with the histogram turning negative, while RSI bottomed near 30, pointing to a possible short-term bounce. However, price failed to hold above the upper Bollinger Band, and volatility remained elevated post-20:00 ET. The 38.2% Fibonacci retracement level from the 19:00–23:00 swing sits at $0.352, currently acting as a minor resistance.

A key divergence between price and volume became evident after 21:30 ET: volume surged as price continued to fall, indicating strong bearish momentum. A break below $0.348 could target the next support near $0.346, with potential for a test of $0.344.

Backtest Hypothesis
A potential strategy could focus on the Bullish Engulfing candlestick pattern, which is often seen as a reversal signal. Although the system failed to automatically retrieve Bullish Engulfing dates for JUPUSDT, such signals typically occur when a bearish candle is followed by a larger bullish candle that fully engulfs the prior body. A 5-day holding period from these signals may offer insights into short-term reversals. If historical Bullish Engulfing dates are available, a backtest could determine if this pattern has been effective in predicting price direction in recent JUPUSDT swings.