$JUP /USDT Analysis: Bearish Momentum with Strong Support at $1.05
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$JUP /USDT is trading at $1.0676, showing a 6.51% decrease in the last 24 hours, indicating bearish pressure. The price has recently tested lower levels, with support holding at $1.05.
Key Levels to Watch:
Resistance Levels:
$1.10: Immediate resistance; break above this level could initiate a short-term recovery.
$1.13: Critical resistance; this zone could cap the upside if the bearish trend continues.
Support Levels:
$1.05: Major support; a breakdown below this level could trigger further downside.
$1.00: Psychological support; a significant test for the bears.
Trade Scenarios:
1. Bearish Setup:
Entry: Below $1.05.
Target 1: $1.00.
Target 2: $0.95.
Stop Loss: $1.10.
2. Bullish Reversal:
Entry: Above $1.10.
Target 1: $1.13.
Target 2: $1.16.
Stop Loss: $1.05.
Technical Indicators:
RSI: At 40.22, showing that the coin is nearing oversold conditions. A bounce is possible if support holds.
MACD: Bearish, with a widening gap between the signal line and MACD, indicating strong bearish momentum.
Market Insight:
JUP/USDT is testing crucial support, and the market sentiment suggests that the price may continue to face pressure if it fails to hold above $1.05. If the price breaks this support, further downside to $1.00 and below is likely. However, any rebound above $1.10 could signal a reversal. Watch these key levels closely.