2024-11-9 21:45 |
Jupiter (JUP) has been recovering this week after it bounced off a key level at around $0.8. Now it is breaking out of a major descending trendline that has limited its growth for some months.
Based on insights from Rekt Capital, JUP has encountered a rejection but managed to find support at a designated orange zone, which has allowed for a rebound and the initiation of a rally. For this upward momentum to continue, it is crucial for JUP to achieve a weekly close above both the blue diagonal trendline and the red resistance level.
The analyst examines the price action of JUP/USDT on a weekly timeframe, identifying key resistance and support levels. The red horizontal zone represents a significant resistance area where the price has faced multiple rejections in the past. Overcoming this level is essential for bullish sentiment, as it has historically halted upward movements.
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Additionally, the blue diagonal trendline serves as another critical resistance point. JUP has struggled to close above this trendline on several occasions, indicating ongoing selling pressure at this level.
On the support side, the orange zone has recently acted as a rebound point for JUP, showcasing its ability to bounce back after a rejection from the blue diagonal and red resistance. Below this, the green zone represents an even stronger support level, marked by historical price reactions and consolidation phases.
Currently, JUP is testing the blue diagonal trendline and the red resistance once again. The recent price action suggests that buyers have re-entered the market, pushing the price higher after the initial rejection.
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A successful weekly close above both the blue diagonal and the red horizontal resistance would indicate a strong confluence of bullish signals, setting the stage for a sustained rally and potentially higher price targets.
Conversely, if JUP fails to break through these resistances, another rejection could occur, leading to a retracement back toward the orange support zone.
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The post Jupiter (JUP) Price Recovering Nicely: Must Break Key Level This Week to Sustain Rally appeared first on CaptainAltcoin.
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