Key Takeaways
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.
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.
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?
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.
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.