After initiating a short pullback this week, Jup found support nearby and continued to show strength. It is negotiating the next major move as the price stalls near a two-month resistance, looking poise for a breakout.

Crossing over into this month bearishly, Jup charted a loss for some days but later located support at $0.7 with a bounce. This brought the bulls back and the asset started to show signs of strength on a daily scale.

After rising to the $0.94 level on Tuesday, the buying pressure halted and the price pulled back into the $0.8 level. This level held as support and the price resurged near a two-month resistance level of $0.97.

Meanwhile, the bulls are facing a small hurdle at the time of writing. We can expect a massive surge in volatility if the price successfully breaks through this crucial resistance. If that comes into play, July’s high would be the next buying target to watch from a short-term perspective.

But now that the buying pressure is paused due to rejection, Jup may remain calm for a while until the price breaks out. Currently, the bears are off the market. If they step back, the price must drop below the monthly low before considering a bearish move. Technically, the bulls are much more likely to have an upper hand.

While facing the $0.97 resistance, a breakthrough should send the price to $1.09 and potentially $1.225, marked as July’s high. Subsequent resistance level to watch is $1.49, followed by April’s $1.9 high.

If Jup loses momentum, the price may slip back to the weekly $0.8 level considered as weekly support. Below it lies $0.737. The $0.66 level is marked as the bulls’ last defence line if the price continues to drop.

Key Resistance Levels: $0.97, $1.09, $1.225

Key Support Levels: $0.805, $0.737, $0.66

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

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Image Source: olegdudko/123RF

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