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We Can Vote Away Your Money for Free: The Implications of Juno Prop 16

JUNO crypto has a strong bullish outlook for the coming days. Traders and investors should be prepared for the possibility that demand might not be enough for further gains. Juno [JUNO] crypto bulls achieved a 670% rally in 32 hours, taking the token’s price from $0.088 to $0.6811. Since then, there has been a 24% pullback. This drop could go deeper if the $0.4 zone is breached.

A bull market is in progress and thousands of tokens are being launched daily. Only a tiny fraction of these launches garner enough attention to drive steady demand.

Juno has been trading since November 2021. It reached its all-time high of $45.74 on the 3rd of March 2022.

The token saw its value disappear quickly and in November 2022 was trading around the $2 mark, a 94% drawdown. The daily trading volume has increased by 200% and was $11.75 million at press time.

Chances of a JUNO crypto recovery Source: JUNO/USD on DEXScreener Juno has a strongly bullish structure on the 4-hour chart after registering triple-digit percentage gains within 24 hours. The high trading volume was a sign of bullishness.

It suggested that more gains could come, but it was no guarantee.

The market structure was also bullish after such a strong move. The CMF was at +0.35 to signal hefty capital inflow to the market, corroborated by the daily trading volume hike.

The MACD indicator signaled firm upward momentum and has not begun to weaken yet.

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At press time, despite the strong gains of the past few days, the token is still down 98.9% from its all-time high. Despite the recent gains, it is highly unlikely that JUNO can move toward its previous all-time high.

Traders might be able to benefit from the Fibonacci retracement levels plotted. A dip to the $0.314 and $0.215 could offer a buying opportunity, but it is laced with risk.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.