JUP, the native token of the decentralized exchange Jupiter based on the Solana platform, has experienced significant growth in recent weeks. It is currently trading at $1.01, reflecting a 25% increase over the past 30 days.
A technical analysis by BeInCrypto suggests that this rally could continue. The analysis highlights key price levels that JUP holders should watch closely.
Jupiter Shows Strong Growth
The double-digit growth of JUP in the past month has pushed its price above the Ichimoku Cloud, a commonly used indicator for tracking market trends and identifying potential support or resistance levels.
When an asset’s price remains above the cloud, it signals a strong upward trend, indicating that buyers are in control and market sentiment is positive. Since October 18, the price of JUP has held above the Ichimoku Cloud on the daily chart, pointing to potential support levels.
This suggests that despite minor pullbacks, the token is likely to find support near the cloud and maintain its upward momentum. Additionally, the Aroon Up Line is at 100%, confirming the strength of the current uptrend.
The Aroon indicator measures the direction and momentum of the trend. A 100% value on the Up Line indicates that the asset has recently reached a new high, marking JUP’s highest price in 30 days.
This 100% value is a strong bullish signal, showing solid upward momentum. Traders interpret this as confirmation that buyers dominate the market, making further price increases likely in the near future.
JUP Price Prediction: Buying Pressure Needed to Sustain the Rally
At the time of writing, JUP is trading at $1.01, approaching a key resistance level at $1.09. If the buying pressure continues, JUP could break through this resistance and target the next critical barrier at $1.23. A successful breakout could push JUP towards a six-month high of $1.38.
However, if profit-taking occurs, JUP may lose its recent gains and fall towards support levels within the Ichimoku Cloud at $0.90 and $0.86. Breaking these supports could lead to a drop to the July 5 low of $0.63.
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