Jupiter (JUP) Eyes Breakout as Price Tests Key $0.90 Resistance

Key Takeaways

• Jupiter’s price peaked at $1.85 on April 1, 2024.
• A 91% recovery led JUP to $1.22 by July 29.
• The current resistance at $0.90 signals a potential breakout.

Jupiter (JUP) has experienced significant price fluctuations recently, marked by sharp rallies and corrections. This analysis explores key price movements and potential future trends, focusing on important support and resistance levels.

Jupiter Price Analysis

On April 1, JUP reached its all-time high of $1.85, capping off a strong uptrend that started in February at $0.45.

After peaking, the price entered a prolonged downtrend, forming a descending triangle and dropping to $0.64 by July 5, 2024.

Following this low, JUP experienced a sharp rebound, climbing by over 91% to $1.22 by July 29. This recovery followed a five-wave structure, breaking through the descending resistance and signaling the potential start of a new bullish phase.

However, after this surge, the price dropped by 45%, though it managed to hold above the July 5 low, stabilizing at $0.66 by Aug. 5.

This support level was retested on Sept. 6, leading to a 44% high-momentum rebound, pushing the price to a high of $0.97 on Sept. 27. On its next downturn, it kept a higher low of $0.70 on Oct. 10 and rose to the $0.90 horizontal resistance again where it currently sits. 

If JUP’s price starts a new bull phase on Sept. 6, we can anticipate a breakout. But if rejected, it could revert to the $0.70 area. 

JUP Price Prediction

A closer look at the 1-hour chart and wave structure suggests the possibility of a new bullish phase. The downtrend from Sept. 27 may represent a higher-degree wave 2, forming a lower-degree ABC correction.

If this wave structure plays out, wave 3 could follow, pushing the price higher, possibly surpassing $1.20.

However, the next move hinges on whether JUP can break through the current horizontal resistance.

A breakout above this resistance in a bullish scenario could lead to a higher high of around $1, providing confirmation.

Conversely, if JUP faces rejection at $0.88, a drop to the $0.70 area or even below the Sept.6 low of $0.65 would be expected, signaling that JUP isn’t making a bullish structure.  

An interaction already occurred, with the price spike reaching $0.94 before falling back to $0.85.

This could be an early sign of a rejection, which is why a bearish scenario looks more likely at this point.

Read more: Jupiter Price Prediction 2024: JUP Price Analysis