As the altcoin appears bullish, the JUP price trend is improving as the trend gains momentum. This uptrend challenges key resistance and signals a potential big jump in JUP price this week.
As latent demand continues to grow, the market is looking for upside entry opportunities. Will JUP's bull run reach the psychological barrier of $2?
JUP Price Performance
With a market cap of $1.55 billion, JUP ranks 62nd among the top 100 coins. However, the 18.79% drop in the past 30 days suggests that the JUP price trend is in a correction phase. Nevertheless, the shift in market sentiment is gradually initiating an uptrend for JUP.
JUP price staged a bullish reversal from the $0.090 mark after falling below the psychological $1 level. The reversal broke above the triangle pattern in the 4-hour chart and moved above the $1.15 mark.
The recovery rally has resulted in a 15% price increase over the past seven days. Currently, JUP price is trading at $1.14 with an intraday gain of 2.05%. Considering that the uptrend maintains momentum, the altcoin could break above $1.50 this month.
Technical indicators:
MACD: The bullish trend of MACD and signal line is showing positive signs for the momentum indicator.
RSI: The daily RSI lines show a positive trend into the overbought zone, strengthening the possibility of an uptrend.
Will the JUP Price Breakout Rally Hits $2?
With the rebound from the triangle breakout in the 4-hour chart, the JUP price is likely to regain momentum. Moreover, the uptrend has surpassed the 23.60% level as per the Fibonacci retracement in the 4-hour chart. This increases the possibility of a rise to the 50% level of $1.36.
If the Jupiter price trend maintains momentum, the breakout rally could hit $1.80, with the potential to jump to $2.
(Personal opinion, not a recommendation)
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