Jupiter breaks up above the falling channel and could be showing the first signs of a bullish reversal after such an extended period of bearish action.
Analyst Captain Faibik is targeting a bullish rally for JUP/USDT to $1.74 with key resistance levels at $1.20 and $1.50.
The bullish crossover from the MACD sets the early upward momentum, while a breakout level of $0.90 acts as support for the next rally.
Jupiter recently broke upwards from a falling channel in its daily chart, potentially starting a bullish reversal. A potential bullish rally is now expected. The scenario depicted below is a breakout after a long-term decline in price, consolidating within the channel and defining a bearish trend for the cryptocurrency.
Descending Channel Breakout
In a recent tweet on X, Captain Faibik has indeed commented that a breakout above the descending channel on the daily timeframe may portray a probable bullish rally and could result in some large upward movements over the next few days.
https://twitter.com/CryptoFaibik/status/1839687537285103620
Jupiter has been trading in a down-trending channel where the price has kept on making lower highs as well as lower lows. A recent move above the top boundary of such a channel indicates a change of sentiment where supply is now overwhelmed by demand.
Should the breakout persist, traders would look to target the $0.90 level for support, which may offer additional upside momentum on this support test.
         Source: Trading view
Price Targets and Levels of Resistance
Analyst Captain Faibik suggested that after the breakout, the JUP/USDT price can reach $1.74 through technical analysis. Nonetheless, it could meet resistance at $1.20 and $1.50 levels before reaching the target.
With the price now above the 100-day EMA, this further supports a bullish outlook. But confirmation requires increased trading volume and follow-through in terms of price action above the breakout level.
MACD Indicator and Outlook of the Market
The MACD has just flashed its bullish crossover, pushing the MACD line above the signal line. Positive bars are showing up in the histogram, depicting growing bullish momentum. At the same time, the MACD still hangs weakly around the zero line, which indicates that the upward momentum is still nascent.With the price now above key moving averages, market sentiment is cautiously optimistic. To complete the bullish breakout, a strong push through the resistance zone of $0.95-$1.00 would be required. At the time of writing, Jupiter changed hands at $0.9097, down 4.3% in the last 24 hours.
The post Jupiter Breaks Downtrend: Bullish Rally Anticipated with Key Price Targets appeared first on Crypto News Land.
