Crypto analyst Sjuul from AltCryptoGems shared insights on X (formerly Twitter) about Jupiter’s (JUP) price and the potential for a rebound from a critical support level. He noted that this move was anticipated weeks in advance, highlighting a disciplined approach to trading. 

The chart posted by Sjuul aligns with his strategy, showing JUP’s current position in a support zone where a bounce is expected. With recent price movements retracing to this area, Jupiter may see renewed buying interest, aiming for higher highs.

Read Also: Why is the TROY Price Pumping?

The Jupiter chart demonstrates a steady bullish trend, marked by higher highs and lower lows, signaling potential upward momentum. After a recent peak, the JUP price retraced, settling within a key support zone, identified as a “grey box” on the chart. 

This area is where the analyst believes bulls may step in, potentially triggering a price rebound. The tweet from Sjuul states, “Grey box would be a perfect place for bulls to step in,” underscoring this zone’s significance as a foundation for continued bullish movement.

This trend indicates that if JUP’s price maintains this pattern, it could advance toward new highs, with the grey support zone acting as a potential springboard.

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

The chart hints at an inverse head-and-shoulders pattern, commonly associated with bullish reversals. This setup includes two smaller dips, or “shoulders,” flanking a larger central dip, or “head,” within the grey support area. Such patterns often suggest accumulation, where buyers step in, preparing for a potential upward movement.

Sjuul supports this analysis by referring to a planned entry at this level, reflecting a calculated approach. As the price holds within this support area, the pattern may strengthen, increasing the chances of a rebound toward previous highs or beyond.

Read Also: Not Bitcoin, but Dogecoin (DOGE) Price is Pumping Ahead of the US Elections – Here’s Why

Sjuul emphasizes a methodical approach to trading JUP, noting that he had “planned this 2 weeks in advance” and waited patiently for the support level to be reached. His advice to “be patient” and “execute” reflects a disciplined trading mindset that aligns with the chart’s current setup.

The upward arrow in the chart illustrates the expected bounce, which aligns with the analyst’s strategy. If this support level holds, it could pave the way for a stronger price movement, as envisioned in the tweet.

A downward-sloping trendline is visible on the chart, marking short-term resistance that JUP’s price would need to break through to confirm a bullish continuation. If the price surpasses this line, it would signal increased buying pressure, potentially leading to further gains.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

The post This Analyst Explains Why Jupiter (JUP) Price Could Bounce from This Support Level appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

86 +