$JUP can surge 100% to £2 if THIS condition is met - AMBCrypto Analytics
Jupiter (JUP) appears poised for a potential rally despite facing recent resistance on its third unsuccessful breakout attempt. Although a minor decline has occurred, further selling pressure could push JUP down to the support level at 0.9158, where substantial buy orders are expected. Should JUP reach this level, it could trigger a rebound, initially breaking the descending trendline resistance and then aiming for a second resistance at 1.847. This move may lead to a potential push toward the £2 target.
However, technical indicators, like the Money Flow Index (MFI), suggest a short-term drop before a recovery. The MFI, currently above 80, points to an overbought market, signaling a possible corrective downturn. This drop is expected to stabilize around the key support level, where market sentiment could shift again. Despite the potential for short-term panic, the Parabolic SAR remains bullish, indicating that this downturn might only be temporary, with an upward trend likely to resume soon.