Jupiter (JUP) Holds Above $0.70 as Key Indicators Signal Potential Bullish Reversal
JUP price stabilized above $0.70 but will it finds support? Could we see an upturn if the price does bounce?
Key Takeaways
- JUP holds steady above $0.70, signaling a potential trend reversal.
- Indicators like RSI and MACD suggest a possible uptrend.
- Break above resistance could confirm bullish phase for JUP.
Jupiter (JUP) has been steadily holding above the $0.70 mark for six consecutive days, sparking speculation about whether a bullish reversal is on the horizon. This consolidation at its significant horizontal support zone could suggest that the correction phase may be nearing its end.
No major bullish signs remain, but some indicators indicate that JUP is gearing up for a significant uptrend.
Jupiter Price Analysis
On April 1, JUP reached an all-time high of $1.85, marking the end of a strong uptrend that began in Feb. at $0.45. After this peak, JUP entered a prolonged bearish phase, forming a descending triangle pattern and dropping to $0.64 by July 5, 2024.
Following that low, JUP recovered, surging by over 91% to $1.22 by July 29. This increase followed a five-wave pattern after breaking the descending resistance, indicating a potential start of a new bull phase.
During its downturn, the price sharply fell by 45% but held above the July 5 low, stabilizing at $0.66 by Aug. 5. As the daily RSI dipped into the oversold zone, a bounce occurred, and the MACD began converging its moving averages, signaling a potential uptrend. However, the following recovery was a corrective one, leading the price to revert to its significant horizontal support zone.
As we can see from the daily chart, JUP has struggled to maintain above this area for six consecutive days, going to $0.75 and back. The power play between the sellers and the buyers is expected to conclude shortly, resulting in a decisive move.
JUP Price Prediction
Zooming into the 4-hour chart and analyzing the wave structure, we can see there is still a chance of a starting bull phase. The downtrend from July 29 could still be its higher-degree wave 2, a lower-degree ABC.
If this is true, wave 3 will follow and push the price higher than before, reaching values above $1.50. However, this possibility will be invalidated if the price exceeds its Aug. 5 low. In the second case, JUP is in a downtrend from its last macro high and could be eyeing $0.35 for its next target, which is even below.
The determining factor between these scenarios would be what happens at the horizontal support. If the price makes a bounce and starts increasing, breaking out from its descending resistance, a bullish one would be in play. However, JUP could face a more significant decline in the following weeks if it continues moving downward.
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