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Jupiter (JUP) Price Holds Firm at $1 — Overbought Levels Suggest Potential Correction

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • JUP rebounded 91%, signaling a possible bullish phase.
  • Price peaked at $1.11 on Oct. 24, showing signs of weakness.
  • Wave structure suggests $1.20 and $1.40 as the next targets.

The Jupiter (UP) price hit $1.11 on Oct. 24, making a higher high since Oct. 10, which suggests it could be entering a new bullish phase.

This move and the recent wave structure support the potential continuation of upward momentum, with targets at $1.20 and $1.40.

JUP Price Analysis

On April 1, JUP reached an all-time high of $1.85, marking the end of a strong uptrend that began in February at $0.45.

Following this peak, the price entered a prolonged downtrend, forming a descending triangle and falling to $0.64 by July 5, 2024.

After hitting this low, JUP experienced a sharp rebound, surging 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 rise, the price declined by 45% but stayed above the July 5 low, stabilizing at $0.66 by Aug. 5.

JUP price analysis
JUPUSD higher high made | Credit: Nikola Lazic/TradingView 

This support level was retested on Sept.6, sparking a 44% high-momentum rebound that pushed the price to $0.97 by Sept. 27. On its next pullback, JUP maintained a higher low at $0.70 on Oct. 10 before rising again to the $0.90 horizontal resistance.

Today, Oct. 24, it peaked at $1.11, increasing by 55% from Oct.10. It started showing signs of weakness, seen as a daily chart wick on a red candle, and indicated by the Relative Strength Index (RSI) getting to 72%. Can the upward momentum continue, or is it time for a downturn? 

JUP Price Prediction

A detailed analysis of the 1-hour chart and wave structure suggests the potential for a new bullish phase. The downtrend from Sept. 27 may represent a higher-degree wave 2, forming a lower-degree ABC correction.

After establishing a higher low, a new upward advancement started on Oct. 10 as wave three developed, potentially pushing the price above horizontal resistance.

Considering that the price most likely finished wave three of a lower degree count, a minor pullback is expected before a higher high of $1.20 at the 1.618 Fib extension level.

JUP price prediction
JUPUSD more upside expected after a minor pullback | Credit: Nikola Lazic/TradingView 

However, as this would be the end of its higher-degree wave three, after some potential sideways correction for wave four to develop, JUP should continue moving to its next target of $1.40, concluding the five-wave pattern. 

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.
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