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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Apr 23, 2024 07:40 UTC
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Jupiter’s Market Recovery: A Look at JUP’s Reversal Rally and $2 Breakout Potential
The JUP token price shows a bullish reversal from the 61.80% Fibonacci level.Â
The bullish reversal teases a bullish crossover in the MACD indicator.
A high momentum reversal could drive the JUP price beyond $2.
As the broader market recovery takes small but positive steps, the altcoins are bouncing back from crucial support levels. Amidst such reversal, the JUP price action teases a solid uptrend as it prepares for a trend reversal.
Following the intense pullback after the initial price jump, will Jupiter manage a bullish comeback? Will the JUP price jump lead to a new all time high formation in 2024? Let’s have a closer look at the price chart to find out more.
Jupiter Reclaims $1
In the daily chart, the JUP Price trend showcases a highly volatile history, despite the young age. Launched in January 2024, the initial bullish excitement pumped Jupiter for a great start.
However, the most notable surge came in March with a 218% jump leading to a break above $1 psychological mark. With a all time high formation at $1.92, the altcoin took a nosedive leading to a drop to $0.79.
Neverhtleess, the ongoing recovery in broader leads a bullish comeback for Jupiter and resurfaces above $1 psychological mark. Currently, the JUP price trades at $ 1.707 with an intraday drop of 1.67%, projecting a sideways trend for the past three days.
Technical indicators:
MACD Indicator: The MACD and signal lines reflect a rise in bullish momentum as they prepare for a positive crossover. This bolsters the possibility of an uptrend.
Will JUP Price Recovery Lead To $2 Break?
As per the Fibonacci levels, the bullish reversal takes place at the 61.80% Fibonacci level. Leading to a 25% jump two major candles, the altcoin prepares a high momentum reversal to prolong the bull run.
Considering the reversal rally sustains bullish momentum, the JUP price could surpass the $2 mark. However, the resistance at $1.50 and $1.80 could give rise to some short-term pullbacks.
On the opposite front, a bearish takeover could deteriorate the market price by 15% to test the $1 mark.
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