Oct 24, 2024

6thTrade

JUP, the native token of the Solana-based decentralized exchange Jupiter, has been on a remarkable upward trajectory over the past few weeks. Currently trading at $1.01, JUP has surged by 25% in the last month, and according to analysts, this rally may not be over yet.

BeInCrypto’s technical analysis suggests that JUP holders should be prepared for a potential extended rally, with key price targets in focus as momentum builds.

JUP Signals Bullish Momentum

JUP's impressive double-digit rally has pushed its price above the Ichimoku Cloud, a key indicator that helps traders track market momentum and identify support and resistance levels. When an asset stays above the cloud, it signals a strong bullish trend, suggesting that buyers are firmly in control and market sentiment is positive.

Since October 18, JUP has remained above the cloud on the daily chart, indicating strong support levels. This suggests that despite minor pullbacks, JUP’s uptrend is likely to continue as long as it finds support near the cloud. $JUP

In addition to the Ichimoku Cloud, JUP’s Aroon Up Line is at 100%, signaling the strength of its current uptrend. The Aroon indicator measures the direction and momentum of a trend, and a 100% reading on the Up Line confirms that JUP has recently hit a new 30-day high. This is a strong bullish signal, reinforcing the upward momentum as buyers continue to dominate the market.

Price Targets to Watch

As of now, JUP is trading at $1.01, closing in on the key resistance level of $1.09. If buying pressure persists, the token could break through this resistance and target the next significant level at $1.23. A successful breakout could propel JUP to a six-month high of $1.38.

However, the bullish trend is not without risk. Should profit-taking occur, JUP’s price could slip toward the support levels within the Ichimoku Cloud at $0.90 and $0.86. A breach of these supports could see the token drop as low as $0.63, marking a return to its July 5 low.

Will JUP Sustain Its Rally?

JUP’s recent price action has been driven by strong bullish signals, and the market sentiment remains optimistic. As long as buying pressure continues, the token may have room to climb further, especially if it successfully breaks through key resistance levels. However, traders should stay vigilant, as any significant sell-offs could trigger a sharp pullback.

For now, JUP remains in a strong position, but only time will tell if the token can maintain its momentum and reach new heights.


Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.