Jupiter (JUP) — Chart Analysis & Trade Setup

Jupiter (JUP) is setting up for a potential breakout as it approaches the tip of a descending triangle. Let’s dive into the details and see what the charts and indicators tell us so that you can prepare for the next big move.

▸ About

- Token Name: Jupiter
- Symbol: $JUP
- CoinMarketCap Rank: 63

Jupiter is a cryptocurrency exchange platform on the Solana blockchain, offering features such as token swapping, limit orders, dollar-cost averaging, and a bridge for asset transfers to Solana.

▸ Tokenomics & Data
- Market Cap: 1.17B
- Volume 24h: 52M
- Total Supply: 10B
- Circulating Supply: 1.35B

▸ Chart Analysis
Jupiter has been trading in a descending triangle pattern since April.

On the one hand, the level between 0.66 and 0.71 serves as strong resistance. Overall, the price bounced five times off this level.

Conversely, we have a downtrend line, forcing JUP to make lower highs.

Currently, the price is getting closer to the tip of the triangle, making a breakout likely.

Typically, a descending triangle is considered a bearish chart pattern. However, given the current bullish market structure, a breakout to the top seems more likely.

▸ Technical Indicators
MACD: Bullish 🟢
RSI: Neutral 🟢
VMA: Neutral 🔵
Triple EMA: Price trades between EMAs 🔵
ADX: 18, indicating no trend 🔴

▸ Trade Setup
The above analysis leads to two potential trade setups—depending on the breakout direction.

Bearish Breakout

- Entry: Wait for the price to drop below $0.65 and confirmation on the daily chart.
- Target: $0.42 (make sure to take profits on the way down)
- Stop Loss: ~$0.70
- Important: The current market does not favor a short! Therefore, make sure to monitor the broader market before entering a short.

Bullish Breakout

- Entry: Wait for the price to move above the descending trendline and confirmation on the daily chart.
- Target: $1.8 (make sure to take profits on the way up, e.g 1.13, 1.30, 1.50)
- Stop Loss: Slightly below the trendline at the time of breakout.