thecoinrepublic.com
- 1 Jupiter (JUP) price has shown a remarkable growth of approximately 20% intraday.
- 2 JUP experienced a pullback and has now exceeded its previous swing high.
Jupiter’s price is surging and has shown remarkable growth in the last few trading sessions. In the recent session, the Solana-based token spiked more than 20% showing bullish dominance on the technical chart.
On a daily technical chart, Jupiter price formed a cup and handle pattern. JUP overtook the last swing high with a powerful buying candlestick of more than 20%. The price has activated a pullback after bearing support on the 20-Day moving average.
If the present running candlestick approaches the $0.700 mark and sustains, then bulls may become confident. If the technical chart structure manages to lure 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 the $0.700 mark and drops, then most of the buyers will be trapped at a high. As per the technical chart, if the JUP crypto price drops below the $0.600 level then bulls may encounter their stop losses and a sharp fall can be observed for the next few days.
Technical Analysis Of Jupiter Crypto
Based on the technical chart, the Jupiter crypto price has reached the last swing high and recorded an all-time high of $0.710 today. At the start of February, the price glimpsed bears’ dominance and formed a double bottom pattern near the $0.450 mark.
Since the last week of February, the JUP crypto price was in a bullish trend and has increased by 37% in 10 days to reach the last swing high. On March 05, 2024, the Jupiter crypto price was abandoned by 20% to grab the liquidity and it bounced back and surged by 43% in just 3 days.
At the time of writing, the Jupiter price is dealing at $0.71 which has swelled 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.
Conclusion
Based on the technical analysis of the Jupiter (JUP) crypto price, it is clear that it is bullish and has broken its previous high, hitting a new record of $0.710. The RSI is at 66, which shows a lot of momentum and the price is above the important moving average, which shows that the buyers are in charge. If the JUP price stays above the $0.700 level, it could reach the $1 level in the next few weeks.
Technical Levels
Resistance Levels: $0.75 & $0.85
Support Levels: $0.60 & $0.50
Disclaimer
This article is for informational purposes only and does not provide any 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 own research before making any financial decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.