On the Radar – Coins to Watch:  JUP and MEW

While Bitcoin is trading lower since the weekly open at 10 am AEST on Monday, it currently is up 6% so far for the month of October at the time of writing – hovering around $67,000 USD.

Last week was a big one for US Bitcoin Exchange Traded Funds (ETFs) as demand resulted in $2.1 billion USD in net buying across all ETF products.

US Bitcoin ETF Flows

This week, two out of the three days have had net buying activity, totaling $407.6m USD in positive flows.

BlackRock, the largest asset manager by assets under management, recorded two days of purchases exceeding $300 million USD. For context, the average daily buying activity across all products is $108 million USD.

Related: Tesla Reports Strong Q3 Profits—But Did They Offload Bitcoin?

Macroeconomic Data Ahead

Tonight, impactful US growth data will be released. Manufacturing and Services Purchasing Managers’ Index will land at 11:45 pm AEST. Expectations are for the figures to remain steady.

Next week on Wednesday we can look forward to the latest Gross Domestic Product (GDP) figures out of the US, and also key jobs data. While official forecasts have not been released, the Federal Reserve Bank of Atlanta’s GDPNow forecast model has estimated growth in GDP figures.

We also have manufacturing growth data out of China and the latest interest rates decision coming from the Bank of Japan on Thursday.

Fear and greed currently reads 52 – Neutral.

Bitcoin – BTC

Since Monday we have seen Bitcoin trade lower, where it has traded around the September and August monthly high prices in the last 24 hours. Below are two potential scenarios.  

Bullish Scenario

Should we continue to see demand to the previous monthly highs, we may see the market trade towards the July high of $70,000 USD.

Bearish Scenario

Failure to find interest at these current prices from the market could result in a fall back towards the mid $60,000’s USD.

Related: Bitget Chief Analyst Says Tron ETF Would Have ‘Nearly Zero’ Chance

Jupiter – JUP

With the recent strength in the Solana parent token, I have been looking for opportunities within the ecosystem. Jupiter is a leading decentralised exchange aggregator and perpetual exchange on Solana. 

Bullish Scenario 

Seeing a push higher from the market on Jupiter could see prices move above the Golden Fibonacci ratio of 0.618. From there I would then target previous highs of $1.84, and then the Fibonacci extensions higher of $2.18 and $2.60. 

Bearish Scenario

If we see a failure here to find an interest by the market, we may see prices drift lower next. This could be the Fibonacci level lower of $0.92. 

Cat in a Dogs World – MEW

Recent strength in POPCAT, might suggest further strength in cat-based memecoins. MEW is one of such cat memecoins on the Solana network that technically has been showing great structure from my perspective. 

Bullish Scenario 

Looking at the key Fibonacci levels MEW has already moved above the golden fib level of 0.618, and is now at new highs. From here I would then target the next extension levels drawn above. 

Bearish Scenario

At previous highs, we can also see some profit-taking. Should there be a bearish shift in the broader market, it could result in MEW moving lower. 

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The post On the Radar – Coins to Watch:  JUP and MEW appeared first on Crypto News Australia.

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