JUP is up 4% today amid the overall market deduction. However, it appeared to be facing a key resistance as it stages a new swing high. Failure to push through could invalidate the current bullish signal.

Jupiter’s native token – JUP has been gaining traction for a straight week as it continued to witness a consistent increase in volume inflow daily despite the ongoing decrease across the crypto space. 

Although the price movements have been relatively slow this week compared to when it started to pick up last week. Currently, the bulls’ commitment appears weak due to the latest drop. 

Howbeit, it has established support at the $0.75 and $0.86 levels in the past weeks of trading, creating a double-bottom pattern on the daily timeframe. This pattern suggests an imminent bullish momentum but the latest loss in the global market seems to be slowing down things. 

While the bulls are trying to remain in control, they must sustain pressure well above the $1.3 level to confirm a stronger rally in the near term. Otherwise, they may lose track in favour of the bears. 

At the time of writing, there are no signs of drops. Should the buyers fail to further show commitment due to buying exhaustion, the bears may take advantage of it by pulling the price down. But as it stands now, the bulls are still present in the market. 

JUP is slowly charging towards a close resistance level of $1.2. Surpassing it could pave the way for an increase to $1.49, followed by the $1.62 level, where the price initially broke down in April.

In case of drops, the nearest support level to consider for a rebound is $1. It may roll back to the mentioned established supports if a rebound fails to occur. Below those supports lie $0.6.

Key Resistance Levels: $1.23, $1.49, $1.62

Key Support Levels: $1, $0.85, $0.754

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: aifarm/123RF // Image Effects by Colorcinch

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