Key takeaways
- JUP, the native token of the Jupiter DEX, is up by less than 1% in the last 24 hours, but could rally higher in the near term.
- Jupiter is developing its own stablecoin, JupUSD, thanks to its partnership with Ethana Labs.
Jupiter to launch the JupUSD stablecoin
Solana-based decentralized exchange Jupiter announced on Wednesday that it will launch its own stablecoin, JupUSD, by the end of the year. The team added that the stablecoin will be native to the Solana blockchain and tightly integrated across Jupiter’s ecosystem, including its perpetuals platform, lending markets, and trading interfaces.
Jupiter is developing the stablecoin thanks to its partnership with Ethana Labs. Furthermore, JupUSD will be fully collateralized by Ethana Labs’ USDtb, a stablecoin that’s backed by treasury funds, including BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
JUP eyes $0.50 despite bearish PA
The JUP/USD 4H chart is bearish and efficient as Jupiter has lost 7% of its value in the last seven days. The news of the development of the JupUSD stablecoin could push JUP’s price higher in the near term.
The RSI of 43 is below the neutral 50, indicating that sellers are currently in control of the JUP/US pair. Furthermore, the MACD lines are within the negative territory, suggesting a bearish trend.
At press time, JUP is trading at $0.4367. If the coin recovers from its slump, it could surge higher towards the TLQ and resistance level at $0.477. An extended rally would allow the coin to top the $0.50 mark for the first time since September 22.
However, failure to leverage the positive ecosystem news could see JUP drop to the support level at $0.41. This support level will likely hold in the near term, with bulls looking to leverage the growth of the broader cryptocurrency market.
Source: https://coinjournal.net/news/jup-eyes-0-50-on-jupusd-stablecoin-launch-check-forecast/
