JUP analysis: Price has reached the major support area. Th | CoinClarity on Binance Square

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JUP analysis: 
Price has reached the major support area. There might be some accumulation around the support area before the next move. You can place buy orders in this zone with a tight stop loss.
Support Area: $0.837-$0.893
Resistance Area: $1.14-$1.23 

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** FUNDAMENTALS ** Yield Guild Games (YGG) is a decentralized autonomous organization (DAO) focused on investing in non-fungible tokens (NFTs) used in virtual worlds and blockchain-based games. Here are some key fundamentals about YGG coins: 1. **Purpose and Vision**: - YGG aims to create the largest virtual world economy by optimizing its community-owned assets for maximum utility and sharing profits with its token holders. - The project focuses on leveraging the play-to-earn model, enabling players to earn real-world income through gaming. 2. **Governance**: - YGG is governed by its community through the YGG DAO. YGG token holders can propose and vote on key decisions and the direction of the organization. - This decentralized governance model ensures that the community has a direct influence on the project's development and asset management. 3. **Staking and Rewards**: - YGG tokens can be staked to earn rewards. These rewards can come from the profits generated by the DAO's assets, such as in-game NFTs that are rented out to players. - Staking provides an incentive for holders to participate actively in the ecosystem and contribute to its growth. 4. **Partnerships and Ecosystem**: - YGG has formed partnerships with various blockchain games and virtual worlds to acquire in-game assets that generate revenue. - The organization collaborates with developers, guilds, and other stakeholders in the blockchain gaming space to expand its ecosystem. 5. **Revenue Model**: - The DAO earns revenue from its in-game assets through activities like renting NFTs to players (scholars) who use them to participate in play-to-earn games. - A portion of the earnings generated by scholars is shared with the DAO, which in turn distributes rewards to YGG token holders. 6. **Community and Growth**: - YGG has a strong and active community of gamers, investors, and blockchain enthusiasts. - The project emphasizes community engagement and education to onboard more users into the play-to-earn model and the broader blockchain gaming space.

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There is no liquidity left on the downside, and the majority of long positions have been liquidated. A large cluster of short position liquidations is around $68,800, indicating a bounce is expected soon.

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The altcoin market cap (TOTAL2) is now approaching the trendline. A bounce may occur after a retest, making it a good time to accumulate your favourite altcoins on the dip. Support Area: $1.00-$1.05 Trillion

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Bitcoin was unable to break above the $70,000 level and was strongly rejected from there. The price is now dropping, and if BTC is unable to hold the $67,000 support area, we may see a decline towards the $64,500-$65,500 support area. Keep an eye on the market.

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The Bitcoin futures market is seeing a significant change. Margined futures open interest using BTC as collateral has dropped from 70% in early 2021 to less than 20% by mid-2024, according to Glassnode. This indicates a growing preference for using more stable collateral like USD or stablecoins to mitigate Bitcoin's price volatility risks.

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