After undergoing a pullback for two weeks, Jupiter’s JUP resumed bullish and broke above a key resistance level. On the way up, March’s high is the next obstacle to keep in mind for a bigger price movement.
During the November rally, which sent many altcoins to a new high, Jup posted notable gains but later faced tough resistance at $1.32 after recovering nicely from a local bottom. The price pulled back in the mid-month and reestablished support around the key $1 level.
Bouncing off this key level in the late month, the price increased slowly and slightly broke above the mentioned resistance that stopped the bulls during last month’s rally. Following that breakout, the bulls gained more control and now aim for March’s high.
Meanwhile, the higher high and higher low pattern is still looking intact on the daily timeframe. A break above the current yearly high should facilitate a huge rally toward $3 in the short term. Rejecting the yearly high might cause a little setback in the market before rising back.
Whichever way, the bulls are currently gaining dominance. If they lose control of the market, we may see a temporal pause in buying. But as it stands, Jup looks poise for a big move and from the look of things, the price will likely explode soon.
JUP’s Key Level To Watch
Source: Tradingview
An immediate resistance level for a test is $1.49. Moving higher, the next level to watch is $1.623 and $1.85, followed by a break to $2 and potentially $2.5.
The broken $1.32 level is now considered as close support in case of a pullback. If the price rolls back under this level, lower levels to keep in mind for support are $1.2 and $0.982.
Key Resistance Levels: $1.49, $1.623, $1.85
Key Support Levels: $1.32, $1.2, $0.982
Spot Price: $1.35
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
