With high anticipation of a broader market recovery, will Jupiter manage to ignite a breakout rally? Will this altcoin jump to a new all-time high formation in 2024? Let’s find out more in our JUP price analysis.
Massive Fluctuations At $1 For Jupiter
With a massive decline of 40% in the last 30 days, the daily chart shows a triangle pattern in the Jupiter price action. Further, as the JUP token price declines, the volatility has increased significantly near the psychological mark of $1.As the sellers test the bullish dominance of the support trendline and the $1 level, the pullback phase grows intense. However, the recent negative cycle in the triangle takes a lateral turn at $1 and teases a double-bottom reversal.
If the bullish reversal in Jupiter aligns with a broader market recovery move, the uptrend could lead to a breakout rally. Currently, the JUP price trades at $1.004 with an intraday growth of 0.58%, bolstering a turnaround possibility.
Technical indicators:
MACD Indicator: The MACD and signal lines sustain a positive alignment but trend sideways in the negative territory.
RSI: The daily RSI line shows a positive trend with a bullish divergence, supporting the possibility of an uptrend.
Will JUP Price Breakout Rally Hit $2?
With a double bottom and the RSI divergence, the chances of a reversal rally leading to a new bull run are high. With this possibility, the JUP price at $1 brings an excellent entry to buy the dip at the psychological mark.
If the JUP price manages to surpass the overhead trendline, the breakout rally could hit $2 while facing some resistance at $1.36.
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