- JOE is the native token for Trader Joe, an Avalanche DeFi platform.
- The token jumped sharply after the developers teased an upcoming product.
JOE, the crypto token for Trader Joe, has been in a strong bullish trend in the past few days after the developers teased a new product. The token jumped to a high of $0.4970, the highest point since May 22. At its highest point this week, JOE prive was about 275% above the lowest point in 2022.
Trader Joe teases new product/feature
Trader Joe is a leading blockchain platform built on the Avalanche chain. It has recently expanded to other chains like Arbitrum and BNB Chain in a bid to reach more users. The platform offers numerous services, including a trading portal where users can buy and sell crypto tokens.
Trader Joer also provides a platform where users can provide liquidity to the network and earn returns. Other solutions are staking, lending, and non-fungible tokens (NFT) trading platform. The most popular tokens in its ecosystem are AVAX, USDC, USDT, and BTC.b among others. JOE is the native token for its ecosystem.
Read more: How to invest in Avalanche.
It is unclear why JOE crypto price has done well in the past few weeks. A likely reason is that Trader Joe developers tweeted a teaser of a new product that they have builT. It is unclear what the new product or service is and when it will be launched. Historically, cryptocurrencies tend to do well ahead of a major launch.
Another likely reason why JOE is rising is because of Arbitrum. As I wrote in this article, Arbitrum is a layer-2 network that makes it possible for developers to create dApps that are both faster and lower cost. In a statement on Monday, Arbitrum said that it was transitioning into a DAO and launching an airdrop for the ARB token.
This is important news for dApps in the Arbitrum ecosystem. The other popular ones are Uniswap, Balancer, and Aave. Trader Joe has a total value locked (TVL) of over $104 million.
JOE crypto price prediction
The daily chart shows that JOE price has been in a strong bullish trend in the past few weeks. This rally saw the token reach a high of $0.4985 last week. It has now moved above all moving averages. A closer look shows that the token is about to form what looks like a double-top pattern, whose neckline is at $0.30.
Therefore, there is a possibility that Trader Joe’s token will continue rising as buyers target the key resistance point at $0.50. If this happens, the token will likely retreat in the coming days.
