Key Takeaways
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.
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.
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.
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.
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.