Jupiter Rockets 21% on CWG Budget Proposal, Bullish Outlook Intact

Jupiter's price has surged 21% to $1.80 in the last 24 hours, fueled by the initiation of CWG's budget proposal, which aims to fund the first Jupiter Working Group. Technical analysis indicates that JUP could continue its bullish momentum towards $2, but the RSI crossing over the overbought region suggests a potential price correction to $1.36. Meanwhile, Smog, Jupiter's Solana counterpart, has gained attention amid anticipation of a major airdrop and a potential CEX listing, boosting its value by 24% to $0.218 in the last 24 hours.

Jupiter Surges 21% Amidst CWG Budget Proposal Vote, Poised for Continued Rally

The cryptocurrency market has witnessed a notable surge in the value of Jupiter (JUP) over the past 24 hours, with a 21% increase propelling its price to $1.80 as of 01:54 a.m. EST. This upward trajectory has been accompanied by a substantial 52% surge in trading volume, reaching $654 million.

This positive market sentiment stems from the initiation of the Convergence Working Group (CWG) budget proposal, which is currently undergoing a voting process and has the potential to provide funding for the first Jupiter Working Group. The successful passage of this proposal would set a significant precedent for allocating resources to drive the Decentralized Autonomous Organization's (DAO) initiatives.

The CWG has engaged in extensive community discussions and has unveiled its plans for 2024, including the allocation of $75,000 to fund the first Working Group. This initiative aims to accelerate the development and execution of the DAO's objectives.

Jupiter's Technical Outlook: Bullish Momentum Persists

A comprehensive analysis of Jupiter's price action reveals a bullish trend, supported by several technical indicators. Since its launch, JUP has reached an all-time high of $2.00 on January 31, followed by a corrective phase that saw its value decline to $0.51.

However, the bulls have regained control, leading to a consolidation phase in February and a subsequent rise in price in March. As the price approached the $1.4 resistance level, it formed an ascending triangle pattern, indicating a potential breakout to the upside.

Currently, JUP is trading above both the 50-day and 200-day Simple Moving Averages (SMAs), further corroborating the bullish sentiment. Additionally, the Relative Strength Index (RSI) has climbed above the 70-overbought region, reaching 77, signifying intense buying pressure.

Jupiter Price Forecast: Further Surge to ATH Possible, but Correction Looms

Based on the technical analysis, JUP is poised to continue its upward momentum and breach the upper boundary of the ascending triangle, potentially reaching as high as $2.0. The bulls are aiming to leverage the RSI's current position to drive the price even higher.

However, it is important to note that the RSI's overbought condition could signal an impending price correction. In such a scenario, the bears may seize control, resulting in a downtrend to $1.36, which aligns with the 50-day SMA.

A further decline below $1.36 could negate the bullish outlook, with the next support zone located around $1.11.

Smog Emerges as a Potential Investment Opportunity Amidst CEX Listing News

As the JUP price continues to surge, investors may want to consider adding its Solana counterpart, Smog (SMOG), to their portfolios due to its promising outlook and upcoming developments. The Smog team is poised to secure the project's first listing on a centralized exchange (CEX) and is preparing to distribute the largest airdrop in its history.

Smog's Recent Performance and Airdrop Hype

In the last 30 days, SMOG has captured the attention of investors, experiencing a remarkable 146% increase in value as anticipation builds for the upcoming airdrop finale on April 3. The Season 1 airdrop will see token holders share approximately $1 million worth of SMOG, contributing to the token's 24% price surge to $0.218 over the past day.

The team behind Smog has allocated 35% of its 1.4 billion token supply for the airdrop. Investors can still participate in the daily tasks on Zealy to earn rewards before the season ends. Additionally, the platform's focus is shifting towards on-chain trading for the upcoming Season 2.

CEX Listing and 42% APY Staking Rewards

Investors are particularly drawn to Smog due to the team's efforts to secure a significant listing on a CEX. While the details of the listing are yet to be disclosed, it could potentially occur this week, paving the way for further listings in the future.

The Smog platform also offers the opportunity to buy and stake the token, earning an impressive 42% annual percentage yield (APY). Prominent crypto YouTuber Crypto Gains has expressed his belief in Smog's potential for a 100X surge.

Where to Acquire Smog

The official Smog website provides the most advantageous option for purchasing the token, offering a 10% discount for a limited time. Users can either swap ETH or BNB for SMOG using a compatible wallet or utilize their bank cards for direct purchases.