Foreign media believe that the TRON ecosystem token JST has clearly fallen back after approaching $0.1, and its short-term trend has shown signs of weakening. In the past 24 hours, JST has fallen by more than 10%, while trading volume has increased significantly, causing the market to begin to pay attention to whether the previous three-month upward trend has ended.
A sharp drop occurred after three months of gains.
JST has performed strongly since February. After stabilizing around $0.046, the price rose all the way to $0.097, more than doubling in three months. Even during periods of weak sentiment in the crypto market, JST has maintained its independent upward trend.
However, this trend changed significantly in early June. The article states that JST fell by as much as 20.7% in a single day, breaking through previous highs and lows. Accompanied by a significant drop in trading volume, the market tended to view this as a release of selling pressure rather than just a normal correction.
The price encountered resistance again near $0.1.
The article mentions that the $0.091 to $0.10 area has acted as a resistance level multiple times in the past, with similar rallies followed by pullbacks occurring in September 2021 and April 2022. This means that this range remains a significant resistance level for the bulls.
Meanwhile, Bitcoin has retreated from around $82,000 in the past two weeks, and overall sentiment towards altcoins has weakened accordingly. Although this did not immediately halt JST's upward trend, given the pressure on mainstream markets, JST's pullback from its highs is more likely to trigger short-term capital outflows.
Buybacks and burns once supported market sentiment.
In April, the TRON on-chain DeFi ecosystem announced the completion of its third JST buyback and burn, involving 271.3 million tokens. The article argues that such burn actions previously supported market sentiment and were one of the reasons JST was able to maintain its upward trend in a weak market.
However, judging from the current trend, emotional support is no longer sufficient to offset the weakening technical aspects. The article judges that although the larger-scale trend has not been completely reversed, the short-term correction may not be over yet.
- The price has increased by approximately 112% over the past three months.
- 24-hour trading volume increased by approximately 150%.
- 271.3 million JST tokens were destroyed in April.
Foreign media predict that the price may continue to fall in the short term.
The article suggests that JST may experience an initial rebound, with the rebound range roughly between $0.087 and $0.091. However, if it fails to regain its footing, the price may continue to fall and test the $0.044 to $0.055 area.
The core argument of the article is that JST's daily chart structure has been broken, and its short-term trend is weak. The strength of any rebound depends on whether bearish pressure continues to intensify and when the market will experience another round of concentrated selling.
