The cryptocurrency market has had a significant correction today, with Bitcoin (BTC) and Ethereum (ETH) both down approximately 3-4%. One major exception is Jupiter (JUP), which has risen by more than 30% and is now trading around $1.20 at the time of writing, breaking through the previous barrier at $1.0854. This price level corresponds to JUP’s all-time high.
To evaluate this price behavior, we’ll look at comments from trader “MarsSignals” on TradingView:
The 1-hour JUP/USDT chart shows a bullish trend, with recent higher highs and lows. The MACD line is close to the signal line, indicating neutral momentum with a minor bullish tilt. The RSI is around 55, which is neither overbought or oversold, implying that the price has room to move in either direction without imminent pressure.
MarsSignals identified a significant resistance level of $1.0854 (R1), where JUP was experiencing previous selling pressure. However, JUP has now surpassed that level. The next resistance level is $1.3169 (R2). The support levels hold around $0.8612 (S1) and $0.7246 (S2).
The trader earlier stated that the current decline could be a long entry opportunity if JUP retested the S1 level and found support. With JUP presently smashing through R1, MarsSignals said:
“If the price turns and starts rising, I would look to R2 at $1.3169 as the next target, where I might take partial profits or analyze the strength of the uptrend. A break over R2 may imply additional upside potential, depending on the volume and buying pressure noticed.”
To summarize, Jupiter has demonstrated enormous bullish vigor by rising more than 30% to new all-time highs today, breaking above the $1.0854 resistance mark. The next important level to watch is the $1.3169 resistance, which has the potential for more gains if buying pressure and volume stay strong on a break over it. Traders will also keep an eye on the $0.8612 and $0.7246 support levels in the event of a retreat from recent highs.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
