JUPITER PRICE ANALYSIS & PREDICTION (February 14) JUP Demand Increases After a Week Consolidation, Signals a Fresh Buy
Jup is still trading near its recent low but is beginning to show signs of strength after recording a substantial loss over the past week. It signals a buy and might regain momentum if the demand level continues to rise.
This months bearish crossover took many traders by surprise as Jup lost momentum after forming a strong bullish pattern in January. Sentiments quickly became negative and the price rolled back under the $1 level.
Luckily for the bulls, the $0.77 level contained selling pressure and the price consolidated for a week after multiple rejections. While this level has been a critical support for two months, the bulls have continued to take advantage of it, serving as an entry point for a fresh buy.
As now seen on the daily chart, demand increased and the price moved slightly out of the consolidation phase to where it is now changing hands at $0.91. A surge above the previous monthly high should validate the new bullish (double-bottom) pattern forming on the daily timeframe.
Such a pattern could facilitate a major rally in the future. Currently, the bears have lost control, and as a result, they may suffer losses if the price continues to increase on a daily scale. Following this bullish formation, negative sentiments surrounding this market will likely fade away soon.
JUPs Key Level To Watch
Source: Tradingview
The target resistance level for the latest surge is $1. Overcoming it will bring us back to last months $1.28 resistance, followed by $1.44. A flip above this resistance level should rally the price to a new high.
In case of a drop, the $0.77 support level should continue to hold. A key breakdown there could dip the price to $0.71 and probably $0.65.
Key Resistance Levels: $1, $1.28, $1.44
Key Support Levels: $0.77, $0.71, $0.65
- Spot Price: $0.91
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Text source: NullTX
