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Sohrab Khawas
Sohrab Khawas
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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 30, 2024 07:46 UTC
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Will A Bullish Reversal Drive JUP Price Breakout Rally To $2?
The JUP token price bullish struggle for a reversal at the psychological mark of $1.
A bull cycle could lead to a triangle breakout for Jupiter.
A breakout rally in JUP price shows a potential to reach the psychological milestone of $2.
With a bullish recovery last night, JUP price projects a high likelihood of a positive turnaround to sustain dominance above $1. However, the constant struggle with a periodic rise in supply keeps the altcoin under stress.
With high anticipation of a broader market recovery, will Jupiter manage to ignite a breakout rally? Will this altcoin jump to a new all-time high formation in 2024? Let’s find out more in our JUP price analysis.
Massive Fluctuations At $1 For Jupiter
With a massive decline of 40% in the last 30 days, the daily chart shows a triangle pattern in the Jupiter price action. Further, as the JUP token price declines, the volatility has increased significantly near the psychological mark of $1.
As the sellers test the bullish dominance of the support trendline and the $1 level, the pullback phase grows intense. However, the recent negative cycle in the triangle takes a lateral turn at $1 and teases a double-bottom reversal.
If the bullish reversal in Jupiter aligns with a broader market recovery move, the uptrend could lead to a breakout rally. Currently, the JUP price trades at $1.004 with an intraday growth of 0.58%, bolstering a turnaround possibility.
Technical indicators:
MACD Indicator: The MACD and signal lines sustain a positive alignment but trend sideways in the negative territory.
RSI: The daily RSI line shows a positive trend with a bullish divergence, supporting the possibility of an uptrend.
Will JUP Price Breakout Rally Hit $2?
With a double bottom and the RSI divergence, the chances of a reversal rally leading to a new bull run are high. With this possibility, the JUP price at $1 brings an excellent entry to buy the dip at the psychological mark.
If the JUP price manages to surpass the overhead trendline, the breakout rally could hit $2 while facing some resistance at $1.36.
Also Check Out : Will ORDI Price Bounce To $80 As Demand Resurfaces At $43?
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