Key Takeaways
Jupiter (JUP) has recently shown notable price movements across both higher and lower time frames.
This analysis utilizes Elliott Wave Theory, Fibonacci retracement levels, and momentum indicators to offer insights into JUP’s current price behavior and potential future trajectory.
JUP exhibits a complex corrective structure within a symmetrical triangle pattern on the daily chart, reflecting prolonged market indecision.
After peaking around $1.85 in March last year, the price has experienced a series of lower highs and higher lows, signaling consolidation.
Elliott Wave labeling identifies a completed five-wave impulsive structure, followed by a corrective WXY pattern.
The triangle’s resistance aligns closely with the 0.382 Fibonacci retracement at $1.16, a significant level for potential bullish breakout confirmation.
The Relative Strength Index (RSI) on the daily time frame hovers near neutral territory, reflecting balanced buying and selling pressure.
Despite intermittent bullish spikes, momentum lacks sustainability, suggesting caution. On Jan. 27, we saw another lower high as the resistance interaction, which returned the price to its support.
On Feb. 3, the price made yet another bounce from the ascending support but now struggles to maintain upward momentum.
The broader price structure implies that breaking above the triangle’s upper trendline could trigger a new bullish phase targeting the $1.42 resistance (0.236 Fibonacci level).
Conversely, failure to hold above $0.9125—the invalidation level—could lead to a deeper correction towards the 0.618 Fibonacci retracement at $0.73.
The 1-hour chart offers a granular view of JUP’s immediate price action. Following a breakout from a descending channel, the price initiated a five-wave impulsive structure, currently completing wave (iv) with a potential for wave (v) to unfold.
The recent retracement found support near $0.9125, which was identified as the invalidation level for the bullish scenario.
This aligns with the 0.5 Fibonacci retracement at $0.9496, serving as a critical support zone.
If wave (v) progresses as expected, JUP could target levels above $1.00, potentially reaching the prior resistance around $1.1642.
However, a break below $0.9125 would invalidate this bullish outlook, suggesting a downward continuation towards $0.7351 (0.618 Fibonacci retracement).
RSI on the 1-hour chart indicates a cooling-off period post wave (iii), hinting at possible bullish divergence if support holds.
Key Levels to Watch