Jupiter (JUP) price has been falling for a while now. But recent analysis shows it might be about to rise significantly. Market watchers point to a falling wedge pattern and a demand zone as signs that the price could reverse direction soon.
Crypto expert Lucky shared insights on X (formerly Twitter), emphasizing that JUP’s price is showing “strong signs of reversal.” The tweet also suggests that Jupiter Exchange has the potential to enter the top 20 rankings, indicating confidence in the project’s fundamentals.
Jupiter Technical Indicators Point to a Potential Breakout
JUP trading data on Binance reveals that the token has been trading within a falling wedge pattern, characterized by two descending trendlines converging. Historically, this formation is known for signaling bullish breakouts. The price has recently tested a strong support area, labeled as the “demand zone,” which has previously served as a level where buyers stepped in.
A rounded bottom formation within the demand zone further supports the possibility of a price reversal. If JUP price breaks above the wedge resistance, analysts suggest that an initial move toward the $0.80 – $1.00 range is possible, with an extended target of $1.40 – $1.50 if the momentum continues.
JUP Key Support and Resistance Levels
The primary support zone for JUP is around $0.44 – $0.50, an area where previous price action indicates strong buying interest. On the upside, the resistance levels to watch include the upper boundary of the falling wedge and the $0.80, $1.00, and $1.40 price points. A confirmed breakout above these resistance levels could indicate a sustained upward trend.
However, if JUP’s price fails to break above the wedge resistance, a potential retracement toward lower support levels remains a possibility. Traders will be closely monitoring volume trends and price action for confirmation of a breakout.
Read Also: Here’s Why Uniswap (UNI) Price Is Pumping
Jupiter Market Sentiment and Investor Interest
The sentiment surrounding JUP appears to be gaining traction, as reflected in social media discussions and technical patterns. The tweet by Lucky suggests optimism regarding the token’s future, though the inclusion of “NFA” (Not Financial Advice) signals a reminder for investors to conduct independent research.
With increasing interest in Jupiter Exchange and technical indicators pointing to a potential reversal, market participants will be watching JUP’s price action closely. A successful breakout could reinforce the bullish outlook, while a rejection at resistance may lead to further consolidation.
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