As one of the top-performing Solana-based DeFi protocols with rising TVL, Jupiter (JUP) witnessed a ~35% price rally. With the altcoin reclaiming the $1 psychological mark, the uptrend eyes a bullish extension.
Will this trend reversal rally in Jupiter reach the $2 with SMAs ready for a golden crossover? Find out more about Coinpedia’s JUP price analysis.
With a falling wedge breakout rally gaining momentum, Jupiter shows a quick V-shaped reversal. With four consecutive bullish candles, the Jupiter token price has increased by nearly 32% from its 7-day low of $0.83 to the current market price of $1.33.
The recovery run reclaims the $1.00 psychological mark and marks a change of characters with the 38.20% Fibonacci level breakout. As the bull run reclaims the $1.00 psychological mark, the post-retest reversal of the falling wedge breakout rally marks a trend reversal.
Furthermore, the neckline breakout at the 38.20% level increases the chances of a bull run to $1.50 or the 78.60% Fibonacci level.
MACD: The quick V-shaped reversal leads to a positive crossover between the MACD and signal lines.
SMA: The growing bullish influence teases a golden crossover between the 50-day and 200-day simple moving average lines.
Based on the Fibonacci levels, the uptrend could aim for the $1.762 or the 100% level, with price targets extending to the $2.00 psychological mark. On the flip side, a post-retest of the $1.0716 breakout is possible, with the next support at $0.9143.
With a trend reversal run, will Jupiter reach the $2 mark? Find out NOW in Coinpedia’s Jupiter price prediction, and subscribe to us for the latest crypto updates.
Jupiter’s recent price surge is attributed to a falling wedge breakout, reclaiming the $1 mark, and positive technical indicators like the MACD crossover.
Analysts are targeting $1.50 and potentially $2.00 based on Fibonacci levels, with crucial support at $1.0716.
A golden crossover between the 50-day and 200-day SMAs signals a bullish trend, indicating potential further price increases.
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