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Jupiter (JUP) Climbs To 30-Day High, Bulls Eye More Gains

Jupiter (JUP) Climbs To 30-Day High, Bulls Eye More Gains

BeInCryptoBeInCrypto2024/10/24 08:48
By:BeInCrypto

JUP, the native token of the Solana-based decentralized exchange Jupiter, has been on a tear in the past few weeks. It currently trades at $1.01, surging by 25% over the past month.

BeInCrypto’s assessment of its technical and on-chain setup suggests the possibility of an extended rally. This analysis highlights the price targets that JUP holders need to look out for.

Jupiter Prints Green 

JUP’s double-digit rally in the past month  has pushed its price above the Ichimoku Cloud, a key indicator used to track the momentum of an asset’s market trends and identify potential support/resistance levels.  

When an asset’s price remains above the cloud, it signals a strong bullish trend, showing that buyers are in control and market sentiment is positive. JUP’s price has stayed above the cloud on the daily chart since October 18, indicating potential support levels.

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JUP Ichimoku Cloud. Source: TradingView

This suggests that, despite minor pullbacks, the token’s price is likely to find support near the cloud, maintaining the uptrend. Furthermore, JUP’s Aroon Up Line is at 100% , confirming the strength of its current uptrend.

The Aroon indicator measures the direction and momentum of a trend, and a 100% reading on the Up Line suggests the asset has recently hit a new high. For JUP, this marks its highest price point in 30 days.

This 100% reading is a strong bullish signal, indicating solid upward momentum. Traders interpret it as confirmation that buyers dominate the market, making further price increases likely in the near future.

JUP Aroon Up Line. Source: TradingView

JUP Price Prediction: Buying Pressure Needed To Sustain Rally

As of this writing, JUP is trading at $1.01, approaching the key resistance level of $1.09. If buying pressure continues, JUP could break above this resistance and aim for the next critical barrier at $1.23. A successful breakout would set its sights on the six-month high of $1.38.

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JUP Price Analysis. Source: TradingView

However, if profit-taking occurs, JUP may lose its recent gains, dropping toward the support levels within its Ichimoku Cloud at $0.90 and $0.86. A breach of these supports could send the altcoin tumbling to its July 5 low of $0.63.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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