Jupiter Tumbles 10%, Falls Below Key Support Level Amid Risk-Off Sentiment

Jupiter (JUP) has been hit hard by the latest crypto sell-off, with the altcoin dropping below its short-term moving averages and losing a key support level.

The $0.24 support level was breached as JUP fell to a low of $0.20, down 10.2% on the daily charts. The increased selling activity is reflected in the protocol's USD inflows, which have turned negative after dropping from $33 million to -$55 million.

The derivatives market has also seen significant outflows, with Jupiter Futures experiencing a netflow drop of 172% to -$2.8 million. This suggests that investors are reducing their exposure and becoming increasingly risk-averse.