Will The JOE (JOE) Price Increase Sharply When The Incentive Program Is Implemented?
The price of JOE (JOE) has bounced up from long-term support and broken above the short-term pattern. It is expected to rise significantly in the near future.
Arbitrum DAO has started distributing token incentives to winning projects in the ecosystem. Trader Joe is the first project in the ecosystem to implement the incentive program. This could attract community attention to the JOE token.
Weekly Outlook
The price of JOE (JOE) had declined since reaching its yearly high at $0.716 in mid-April 2023. This move caused the price to drop to the long-term support zone at $0.20 during the week of August 14 to 20. The price has maintained above this level since then.
During the week of October 16 to 22, the JOE price formed a doji candle and created a morning star pattern (green ellipse) in the following week. This is a bullish pattern, often leading to a trend reversal to the upside.
Indeed, the price has continued to rise and is currently forming another bullish candle.
The weekly RSI (Relative Strength Index) has broken above the descending resistance line and is sloping upward, supporting the potential for further increase.
If the upward momentum continues, the price of JOE could rise to the long-term horizontal resistance at $0.45.
Breakout of the Bullish Pattern
The daily chart shows that the JOE price has broken above a descending wedge pattern, formed over 173 days. This is a bullish signal indicating that the previous correction phase has ended, and a new uptrend might occur.
This outlook is further strengthened as the JOE price has flipped the previous horizontal resistance at $0.26 into support over the past 2 days (green arrows).
The RSI is sloping upward and approaching the overbought zone, indicating that the bulls are in an advantageous position.
Therefore, the price of JOE could rise to the next horizontal resistance at $0.35, a 24% increase from the current price.
Conclusion
The most likely scenario suggests that the price of JOE will continue to rise in the near future. The immediate target is found at $0.35, with further potential to reach $0.45.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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