After the most recent rejection in February, JUP accelerated its decline, falling below the $0.65 horizontal area and hitting a new all-time low.
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The $0.65 area was crucial, since it had served as support since launch, and turned to resistance after the breakdown.
After its all-time low bounce, the Jupiter price increased inside a symmetrical triangle until it finally broke down this week.
If the breakout gets confirmed, it will likely lead to a retest of the all-time low region of $0.33, since there is now more support until JUP reaches it.
Momentum indicators support the breakdown. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling.
The RSI is below 50 while the MACD is negative. So, the JUP prediction for the future is bearish, suggesting that another decline of at least 25% is likely.
When Will JUP Bottom?
Even though the JUP prediction is bearish, the wave count suggests a new all-time low is not likely.
The main reason is that the decline that started on July 24 is a three-wave structure (black) instead of a five-wave one.
Since the previous upward movement is also a three-wave structure, the JUP price is likely to complete an A-B-C structure (red) and is currently in wave B.
Suppose the decline is contained inside a descending parallel channel.
In that case, as often with corrections, the Jupiter price will bottom slightly above the $0.33 region, possibly at the channel’s support trend line at $0.36.
Once the correction is over, another upward movement is likely, completing wave C (red).
Social Sentiment
Despite the negative performance of its price, there is considerable social chatter around JUP.
Jupiter mentions increased significantly on Sept. 10 and has remained high since, even though there was no specific event to trigger this surge in social interest.
Data from RogerAI shows a surge in mentions from Key Opinion Leader (KOL) accounts compared to regular ones, indicating that the increase might not be organic.
Aster’s newfound popularity might have driven the increase in mentions since several posts comparing Decentralized Exchange (DEX) volume, revenue, and TVL include Jupiter.
JUP is also receiving some mentions regarding Meteora’s (MET) recent proposal to allocate 3% of the airdrop supply to JUP stakers, and there is also hype around a new release, which could improve the trading experience.
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Jupiter Price Breakdown
Jupiter’s price action remains volatile, with bearish indicators pointing toward another test of its all-time low support near $0.33.
However, wave analysis suggests the decline could find a bottom slightly higher, preventing an all-time low and kickstarting a recovery.
If the correction completes as expected, JUP will increase again before the end of the year.
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.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
