Jupiter (JUP) has recently gained attention after breaking out from a falling wedge pattern, a move that could signal further bullish momentum. Crypto analyst Persis10t shared insights on this breakout, highlighting key technical factors that may drive the JUP’s price higher. 

The analysis shows that the breakout has been verified and that important moving averages are currently supporting Jupiter’s price, which may lead to additional increases.

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The falling wedge pattern observed in JUP’s chart is traditionally a bullish indicator, suggesting that a period of downward consolidation may be ending. 

The confirmed breakout has seen JUP’s price move above the upper trendline, and a slight retest is anticipated, which could affirm the breakout’s strength. Following this breakout, JUP’s price has been steadily trending upward, indicating a positive shift in market sentiment.

Persis10t emphasized that this breakout is reinforced by solid technical support. As of now, the JUP price is trading above key Exponential Moving Averages (EMAs), including the 50, 100, and 200-day EMAs, on the daily timeframe. This convergence of short, medium, and long-term trends generally signals a strong upward trajectory.

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To provide traders with a strategic outlook, the analysis highlights essential support levels that could help stabilize JUP’s price during any potential pullbacks. 

The major support zone lies between $0.7304 and $0.6615, marked as a strong foundation where buyers might consider Dollar Cost Averaging (DCA). If the price retraces to this range, it could serve as a critical area for accumulation.

Furthermore, an entry zone has been identified between $0.8785 and $0.8073. This range suggests a favorable buying opportunity for those looking to enter positions post-breakout, with a view to capitalizing on further upward movement.

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The technical analysis presented by Persis10t also outlines several key price targets based on historical price trends. The first target is set at $1.28, where short-term resistance is anticipated, possibly leading to some profit-taking. 

The next target is $1.76, a level that would indicate a strong bullish continuation if broken. The third and final target, $2.19, represents a long-term goal, signaling a significant move if JUP maintains its current trajectory.

These resistance levels are essential benchmarks for traders to consider, offering clear points where momentum could either continue or face challenges.

Furthermore, a critical element of the analysis is the strong support provided by the 50, 100, and 200-day EMAs. The alignment of these EMAs below the current price suggests robust support across multiple timeframes, indicating a consistent bullish trend. Holding above these moving averages reinforces the likelihood of sustained upward momentum, further encouraging investor confidence.

The MACD indicator on the chart also shows potential bullish momentum, which, if confirmed, could lead to further upward movement for JUP. Investors will likely be monitoring these indicators closely to gauge the strength of the trend.

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The post Analyst Backs Jupiter (JUP) to Continue Price Rally Post-Breakout, Supports Claim With Technical Analysis appeared first on CaptainAltcoin.

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