beincrypto.com
$JUP, the native token of the Solana-based decentralized exchange Jupiter, has been on a tear in the past few weeks. It currently trades at $1.01, surging by 25% over the past month.
BeInCrypto’s assessment of its technical and on-chain setup suggests the possibility of an extended rally. This analysis highlights the price targets that $JUP holders need to look out for.
Jupiter Prints Green
$JUP’s double-digit rally in the past month has pushed its price above the Ichimoku Cloud, a key indicator used to track the momentum of an asset’s market trends and identify potential support/resistance levels.
When an asset’s price remains above the cloud, it signals a strong bullish trend, showing that buyers are in control and market sentiment is positive. $JUP’s price has stayed above the cloud on the daily chart since October 18, indicating potential support levels.
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This suggests that, despite minor pullbacks, the token’s price is likely to find support near the cloud, maintaining the uptrend. Furthermore, $JUP’s Aroon Up Line is at 100%, confirming 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 suggests the asset has recently hit a new high. For $JUP, this marks its highest price point in 30 days.
This 100% reading is a strong bullish signal, indicating solid upward momentum. Traders interpret it as confirmation that buyers dominate the market, making further price increases likely in the near future.
$JUP Price Prediction: Buying Pressure Needed To Sustain Rally
As of this writing, $JUP is trading at $1.01, approaching the key resistance level of $1.09. If buying pressure continues, $JUP could break above this resistance and aim for the next critical barrier at $1.23. A successful breakout would set its sights on the six-month high of $1.38.
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However, if profit-taking occurs, $JUP may lose its recent gains, dropping toward the support levels within its Ichimoku Cloud at $0.90 and $0.86. A breach of these supports could send the altcoin tumbling to its July 5 low of $0.63.