Following a short break in buying, JUP took a little downturn this week and resumed positive actions after finding support nearby. It appeared bullish and ready to tap more highs but faced rejection at a key level.
Last week appeared more volatile across the crypto space following a two-week recovery that brought notable relief for most bulls when the market went through a corrective phase.
However, JUP entered a pullback mode this week after rejecting the key $1.1 level but it managed to bounce back yesterday and traded well above this key level a few hours ago.
This bounce came after locating solid support at $0.919 two days ago, leading to a significant price increase earlier today. The bulls gained control but later lost grip due to a sudden rejection.
Looking at the bigger picture, JUP is forming a classical double-bottom pattern on the daily chart. This bullish pattern is capable of sending the price to a new high if the market breaks out of its short-term structure. The yearly high is the main breakpoint to keep an eye on.
But if the bulls fail to sustain this momentum for long, we may see another drawdown until it finds solid support to initiate a rally. As it stands, there are no signs of weakness as the bears are currently off the market.
JUP’s Key Level To Watch
Source: Tradingview
JUP just rejected $1.2 back to under the $1.1 resistance. If it climbs back above these price levels, the next target would be $1.32, followed by the $1.49 resistance level.
The current holding support level is $0.92. Below this support lies the $0.754 level marked as the April low. If the price breaks down from there, the lowest support level to keep in mind is the monthly $0.633 low.
Key Resistance Levels: $1.1, $1.32, $1.49
Key Support Levels: $0.92, $0.754, $0.633
- Spot Price: $1
- 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.
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