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- JUP price has declined by 60% since April, indicating the sellers’ dominance.
- The histograms in MACD have remained green while the price has dropped by 10%.
Jupiter (JUP) investors have been in trouble as this token’s price has declined by 60% since April. The JUP price has melted by facing resistance from a declining trendline. It has reached the crucial level of breakout.
Since March, the buyers have been defending the major support level of $0.700. The price has the potential to record a new all-time high (ATH) after a successful breakout. The Jupiter price prediction suggests trend reversal according to the technical indicators. Let’s explore the scenario.
JUP Price Has Shaped a Descending Triangle Pattern; What’s Next?
Jupiter crypto was trading at $0.728 at press time and has remained neutral for the past 24 hours. With a market capitalization of $982.58 Million, JUP’s 24-hour trading volume was $44.44 Million, which rose by 40%.
The JUP price has formed a descending triangle pattern in a daily time frame. Besides, it was trading at the crucial level of breakout. A successful breakout may gather buyers, leading to a bullish momentum.
Suppose the Jupiter crypto price triggers a breakout from the triangle and smashes the 200-day EMA, it could attract buyers. If the price overcomes the lower high territory of $1, the JUP buyers may eye to reclaim the ATH.
Conversely, assuming the Jupiter token price starts trading below the major support level, it can be a signal for selling. The JUP sellers may go for a new all-time low if the price sustains below.
Could the JUP Price Explode Soon?
The bearish trend has halted near the $0.700 hurdle in a weekly time frame. This halt may attract buyers, which could generate a bullish forecast. It can trigger a trend reversal if the JUP price surpasses the 20-day exponential moving average (EMA).
Sakoza (@Sakozasol), an emerging cryptocurrency analyst, has shared his JUP crypto price analysis on X (formerly Twitter). He claims the Jupiter crypto has strong bullish potential and may perform positively.
Can we send $JUP already ? pic.twitter.com/qYJuU3rhLg
— Sakoza (@Sakozasol) September 12, 2024
The JUP crypto price has been falling in a lower-lows and lower-highs format. This token’s value may shoot up soon if its price triggers a breakout from the descending trendline. The RSI Divergence indicator favored the bullish forecast.
Based on Bollinger Band (BB) analysis, the JUP price exceeded and retested the Base BB and it may move towards the Upper BB. The MACD has displayed a bullish crossover with the Signal line. Moreover, the histograms have turned green even in the bear market.
JUP Price Forecast Based on Technical Chart
Based on the analysis of JUP price movement and technical indicators, it appears that JUP is at a crucial juncture. The descending triangle pattern suggests that a breakout could lead to a bullish momentum. If the Jupiter crypto smashes the 200-day EMA and overcomes the lower high territory of $1, it may boost the momentum.
On the flip side, trading below the major support level could be a selling signal. The MACD showing a bullish crossover, and the histograms turning green despite the bear market are encouraging signs for potential buyers.
It will be interesting to see if JUP can reclaim its all-time high after a successful breakout. The current JUP price prediction doesn’t confirm whether the token will claim a new ATH.
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.
