 crypto price, it has formed a cup and handle pattern and surpassed the last swing high,){kind=link}
- Jupiter’s crypto price has risen by 20% in the last 24 hours.
- JUP price has triggered a pullback and surpassed the last swing high.
Based on the technical chart, the Jupiter (JUP) price has surpassed the last swing high and recorded an all-time high of $0.710 today. At the beginning of February, the price witnessed bears’ dominance and formed a double bottom pattern near the $0.450 mark.
In the last week of February, the JUP crypto price was in a bullish trend and rose by 37% in 10 days to reach the last swing high. On March 05, 2024, the Jupiter crypto price was dumped by 20% to grab the liquidity and surged by 43% in just 3 days.
At the time of writing, the Jupiter price is trading at $0.71 which has surged by 20.59% in the past 24 hours. The market capitalization is $920.44 Million and the trading volume for the last 24 hours is $338.15 Million.
RSI is at 66 and heading for the overbought zone which showcases the bullish momentum. Jupiter crypto price is trading over the significant moving average indicating the buyers’ domination.
Jupiter Price Has Formed Cup and Handle Pattern; Will It Keep Rising?
On the daily time frame, the Jupiter price has formed a cup and handle pattern. It surpassed the last swing high with a strong buying candlestick of 20%. The price has triggered a pullback after taking support on the 20-Day moving average.
If the current running candlestick closes over the $0.700 mark and sustains, then buyers may become confident. If the chart structure manages to attract investors, then it may gain bullish momentum and may approach the $1 mark in a few weeks.
On the other hand, if the Jupiter crypto price fails to sustain at the $0.700 mark and drops then most of the buyers will be trapped at a high. According to the technical chart, if the JUP crypto price slips below the $0.600 level, then buyers may face their stop losses and a sharp fall could be observed over the next few days.
Technical Analysis Of Jupiter Price Over 4-H Timeframe
The JUP crypto price is rising by taking support on the trendline and recently it surpassed the significant moving average. In the last few hours, Jupiter price has witnessed strong buying pressure.
The price has started trading over the resistance level of $0.640 and recorded an all-time high. If the JUP price sustains and bulls hold the grip, then it may rise by forming new all-time highs and in the next few weeks, it may approach the $1 mark.
Alternatively, if the Jupiter crypto price falls and fails to defend the $0.640 mark, then traders may prefer to get rid of their buying positions and the price will easily melt to the 100-Day moving average.
Conclusion
Based on the technical analysis of the Jupiter (JUP) crypto price, it has formed a cup and handle pattern and surpassed the last swing high, recording an all-time high of $0.710. The RSI is at 66, indicating bullish momentum and the price is trading over the significant moving average, showcasing buyers’ domination. If the JUP price sustains above the $0.700 mark, it may approach the $1 mark in the next few weeks.
Technical Levels
Resistance: $0.71 & $0.80
Support: $0.55 & $0.46
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.