Monero (XMR) and Jupiter (JUP) are capturing traders’ attention as they approach critical levels. Monero’s ascending triangle pattern signals potential bullish momentum, while Jupiter’s price finds itself at a support level that could trigger a reversal. 

Top analysts MarkMlller and AltCryptoGems offer insights on these setups, encouraging traders to wait for confirmations before making moves.

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MarkMlller’s XMR chart indicates that the token is trading within an ascending triangle, a pattern known for its bullish implications. This structure features a horizontal resistance zone between $160 and $165 and rising trendline support. 

The resistance zone has been tested multiple times, indicating strong selling pressure at this level. However, the price consistently finds support at the ascending trendline, which has seen XMR’s price bounce back repeatedly, suggesting robust buying interest.

$XMR is currently trading within an ascending triangle pattern, holding above the trendline support. For confirmation of its next direction, it’s crucial to wait for a decisive breakout or breakdown from the triangle.

A strong breakout could signal a potential upward momentum pic.twitter.com/K91cFXCV63

For traders monitoring Monero (XMR), a decisive breakout above the $165 resistance level could indicate a shift in momentum to the upside. This potential breakout would likely require strong trading volume to confirm sustained buyer interest. 

Conversely, if Monero fails to maintain its position above the trendline support, currently around $140-$145, it could face a bearish reversal. Observing the volume and the price’s interaction with the resistance level will be crucial for anticipating the next move.

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Jupiter (JUP) has reached what AltCryptoGems calls the “buy-the-dip” level, where previous buying interest was observed. This support zone is a key area for traders looking for a reversal opportunity. 

JUP’s price structure has shifted towards a potential bullish reversal, with signs of an inverse head and shoulders pattern. This pattern, known for indicating trend changes, suggests that JUP could see upward movement if it breaks above the neckline in the coming sessions.

The analyst advises traders to look for a low timeframe bullish structure as a trigger for a potential reversal. A breakout above a descending trendline in the pattern would further validate the shift to an uptrend, signaling growing buyer momentum. This strategy aligns with disciplined trading principles, emphasizing the importance of waiting for a confirmation before entering positions.

Furthermore, MarkMlller and AltCryptoGems tweets reinforce the value of waiting for confirmations. Monero’s possible breakout would need volume to signal a sustained move, while Jupiter’s setup involves forming a bullish structure at its support level. 

These scenarios highlight how disciplined trading strategies can help navigate volatile market conditions. For traders tracking XMR and JUP, watching these key levels could provide potential entry points if the price action aligns with these bullish setups.

Read Also: Analyst Sees Potential for 50% Decline in Kaspa (KAS) as Price Nears Critical Support

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The post Monero (XMR) Price Nears Breakout Zone, While Jupiter (JUP) Price Hits Key Support appeared first on CaptainAltcoin.

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