Home / Analysis / Crypto / Technical Analysis / Jupiter (JUP) Price Up 68% This Year — Consolidation Phase Begins

Jupiter (JUP) Price Up 68% This Year — Consolidation Phase Begins

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • A symmetrical triangle suggests imminent breakout.
  • The major resistance zone is around $1.20.
  • RSI indicates neutral momentum awaiting confirmation.

Jupiter (JUP) is currently at a critical juncture. Price action forms a converging structure on lower time frames while testing a significant resistance zone on higher time frames.

The recent price behavior suggests an imminent breakout, which, depending on market conditions, could lead to a substantial price move.

JUP Price Analysis

The daily chart shows that JUP has been consolidating within a large symmetrical triangle after completing a five-wave impulsive move to $1.85 on Apr. 1.

The price has established higher lows while repeatedly testing the upper trendline resistance, suggesting an accumulation phase.

This pattern aligns with the end of a corrective WXY structure, with wave Y marking the final correction phase at $0.73.

JUP price analysis
JUPUSD in a symmetrical triangle | Credit: Nikola Lazic/TradingView 

Currently, JUP faces resistance at the 0.382 Fibonacci retracement level ($1.16), which aligns with historical price reactions.

A decisive breakout above this level would be a strong, bullish confirmation, potentially initiating a new impulsive wave.

However, failure to breach this zone could result in another corrective move toward lower supports around $0.94 (0.5 Fibonacci retracement).

The daily Relative Strength Index (RSI) is slightly overbought at 60, reflecting market bullishness.

The key factor in determining JUP’s next move will be whether volume confirms a breakout or if the price rejects resistance and resumes its broader correction.

JUP Price Prediction

On the 1-hour chart, JUP trades within a symmetrical triangle formation, with wave (e) approaching completion.

This structure suggests an imminent breakout in either direction, with wave labeling indicating the possibility of an upward continuation following the completion of wave (v) of a prior five-wave move.

JUP price prediction
JUPUSD consolidating at the prior high | Credit: Nikola Lazic/TradingView 

A breakout to the upside would likely target the 0.236 Fibonacci at $1.43 as the first major resistance, followed by a potential push toward $1.85 (previous high).

If JUP fails to break above the local resistance at $1.16, we could see a downside move toward key support levels. 

The first support level is at $0.94 (0.5 Fibonacci), while a deeper retracement could bring the price down to $0.73 (0.618 Fibonacci).

The RSI on the lower time frame shows neutral conditions and reduced momentum, making a fakeout scenario possible.

A strong breakout accompanied by volume confirmation is necessary for the bullish case. Conversely, a breakdown below $1.00 could signal further downside continuation.

Key Levels to Watch

  • Immediate Resistance: $1.16 (horizontal resistance and upper triangle boundary).
  • Major Resistance: $1.42 (0.236 Fibonacci).
  • Critical Resistance: $1.85 (previous high).
  • Immediate Support: $0.94 (0.5 Fibonacci retracement).
  • Key Support: $0.73 (0.618 Fibonacci retracement).
  • Breakout Target: Above $1.42 if bullish momentum is confirmed.
  • Invalidation Zone: Below $0.73, signaling a deeper correction.
Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Was this Article helpful? Yes No

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
See more