JUP Price Analysis: Bullish Momentum but Challenges Remain
JUP, after a brief pause in buying, took a dip this week before rebounding. It showed signs of strength, aiming for higher highs, but faced resistance at a crucial level.
Last week, the crypto market experienced volatility following a two-week recovery period. JUP entered a pullback phase this week after encountering resistance at $1.1, but managed to bounce back yesterday, trading above this key level.
This rebound followed a solid support at $0.919, leading to a significant price increase earlier today. While bulls gained control, they later lost momentum due to a sudden rejection.
Technical Analysis
On the daily chart, JUP is forming a classic double-bottom pattern, a bullish formation that could send the price to new highs if the market breaks out of its short-term structure. The yearly high is the main breakpoint to watch.
However, if the bulls fail to sustain this momentum, we might see another drawdown until it finds solid support to initiate a rally. As it stands, there are no signs of weakness from the bears.
Key Levels to Watch
- Resistance Levels: $1.1, $1.32, $1.49
- Support Levels: $0.92, $0.754, $0.633
JUP recently rejected $1.2, retreating below the $1.1 resistance. If it manages to climb back above these price levels, the next target would be $1.32, followed by the $1.49 resistance level.
The current support level is $0.92. Below this, lies the $0.754 level, marked as the April low. If the price breaks down from there, the lowest support level to keep in mind is the monthly $0.633 low.
Current Outlook
The current spot price is $1. The trend is bullish, but volatility remains high.
This analysis is for informational purposes only and should not be considered trading or investment advice. Always conduct your own research before making any investment decisions.
