Jupiter’s Market Recovery: A Look at JUP’s Reversal Rally and $2 Breakout Potential

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

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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.