A drop to $0.314 and $0.215 may provide a buying opportunity for JUNO, but it also comes with risks.
- The JUNO cryptocurrency has a promising outlook in the coming days.
- Traders and investors should be prepared for the possibility that demand may not be sufficient for further upside.
The JUNO [JUNO] cryptocurrency bulls achieved a 670% rebound within 32 hours, pushing the token price from $0.088 to $0.6811. Subsequently, it has retraced 24%. If it breaks above the $0.4 area, the downside may extend further.
The bull market is ongoing, with thousands of tokens being issued every day. Only a small portion of them can garner enough attention to drive sustained demand.
Juno started trading in November 2021. On March 3, 2022, it reached a new all-time high of $45.74.
The token's value evaporated quickly, trading around $2 in November 2022, a 94% decline. As of the time of writing, the daily trading volume has grown by 200% to $11.75 million.
The Potential for JUNO Cryptocurrency Recovery
Juno recorded triple-digit percentage gains in 24 hours, and its 4-hour chart displays a strong bullish structure. High trading volume is a bullish sign.
This suggests the potential for further gains, but it is not a guarantee.
After such a strong move, the market structure also appears bullish. The CMF is at +0.35, indicating significant capital inflows, and the daily trading volume increase confirms this.
The MACD indicator shows a strong uptrend that has not yet started to weaken.
Despite the strong gains in the past few days, the token is still down 98.9% from its all-time high as of the time of writing. While it has recently seen an uptick, JUNO is unlikely to reach a new all-time high.
Traders may be able to benefit from the Fibonacci retracement levels drawn. A drop to $0.314 and $0.215 may provide buying opportunities, but the risks are also significant.
