JUP’s price jumped by another 10% today in continuation of the latest recovery, although is yet to break out of its bearish structure on the daily chart. It appeared bullish but is now facing a psychological level.
A few days ago, JUP traded as low as $0.64 after losing more than 70% of its valuation in three months. But following the latest market recovery, it has increased nicely over the past week and is now almost claiming the key $1 psychological level again.
An increase above this psychological level could trigger a massive surge through the monthly resistance level to May’s high before pulling back.
Looking at the broader market structure, the asset is still positioned in a downward range but is technically forming a new bullish pattern on the daily chart. A steady surge above April’s high should validate a shift in the market structure.
Currently, there are no signs of bears in the market. If the selling pressure resumes due to rejections, JUP may revisit the monthly low before resuming buying at full speed. A breakdown of this monthly low would lead to another dip.
JUP’s Key Level To Watch
Source: Tradingview
Now that the price is slowly picking up, the monthly $1.1 high is the primary target to watch for a test. Surpassing that level could activate a surge to the $1.32 and $1.49 resistance levels before breaking out of $1.85 – April’s high.
The $0.89 level is currently acting as daily support. If the price drops below this level, there’s a close support at $0.754. Below it lies the $0.633 support level, which currently stands as a monthly low.
Key Resistance Levels: $1.1, $1.32, $1.49.
Key Support Levels: $0.89, $0.754, $0.633.
Spot Price: $0.975
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: tinofotografie/123RF // Image Effects by Colorcinch
